Rental rates for one-bedroom apartments in Brampton experienced a significant rise last month, propelling the city higher on the list of Canada’s most expensive rental markets. According to the latest National Rental Report, Brampton advanced from ninth to seventh place among the 35 priciest Canadian cities for renters.
Mississauga recorded a steeper increase in its rental costs, ascending to the fifth spot with an average one-bedroom rental price of $2,283. Toronto maintained its position at third, with rentals averaging $2,471, while Vancouver and North Vancouver occupied the second and first places with rental prices of $2,633 and $2,704, respectively.
In March, the cost of a one-bedroom apartment in Brampton rose marginally by 0.4% month-over-month to $2,165, an increase from $2,155. Year-over-year, this reflects a 6.7% surge in prices. Meanwhile, two-bedroom apartments saw a decrease of 2.4% to $2,398 in February, with a further slight reduction in March to $2,376.
The housing market witnessed rapid sales in February, although the annual rent growth rate decelerated in March. Nationally, the price for one-bedroom apartments surged by 13.4% to an average of $1,984 in February and climbed further to $2,181 in March. Studio condos saw a decrease in asking rents by 0.8% year-over-year to $1,852, while one-bedroom condo rents rose by 3.0% to an average of $2,110.
The sharpest rent increases were seen in smaller and more affordable unit types, such as studios, which experienced a 14.9% year-over-year growth to $1,564, and one-bedroom units, which saw a 13.6% increase to $1,926.
With the spring season approaching, the Brampton real estate market is expected to become more competitive. Prospective buyers are advised to obtain mortgage pre-approval to enhance their chances of securing a property quickly amidst heightened market activity ( Source Insauga).