Renters in Brampton are seeing some relief as new data shows average rental prices in the city dropped more than 5 per cent over the past year — one of the steepest declines in Ontario.
According to the latest National Rent Report from Rentals.ca and Urbanation, the average asking rent for a one-bedroom unit in Brampton fell from $2,118 in July to $2,088 in August. Compared to the same month last year, rental rates have declined by 5.8 per cent, placing Brampton fourth among Ontario cities with the largest annual drops. Vaughan recorded the sharpest decline at 9.7 per cent, followed by East York at 9.2 per cent and Mississauga at 7.2 per cent.
Despite this decline, Brampton remains one of the more expensive rental markets in the country, ranking 13th nationally — just behind Burlington and ahead of Vaughan. Across Canada, average asking rents fell by 2.3 per cent year-over-year in August, marking the 11th consecutive month of annual decreases. However, national rents still sit about 1 per cent higher than two years ago, underscoring ongoing affordability pressures.
Shaun Hildebrand, president of Urbanation, said the downward trend is largely being driven by high-cost cities where new apartment supply has entered the market. “Rents have decreased in Canada on an annual basis for almost a year now. However, rent reductions have been mild for the most part, with the steepest declines found in Vancouver, Toronto, and Calgary, where rents are high and new apartment supply has been growing quickly,” he said. “Conditions should continue to favour renters in the coming months as the market enters its slower season.”
Nationally, purpose-built rentals saw the smallest declines at just 0.4 per cent, compared with drops of 3.7 per cent for condos and 6 per cent for houses and townhomes. Among major Canadian cities, Vancouver led with a 9.5 per cent annual decline in apartment rents, followed by Calgary at 6.6 per cent, Toronto at 3.4 per cent, and Ottawa at 1 per cent.