Mississauga remains one of Canada’s priciest cities for renters, with average rental costs across the country surpassing $2,000 per month.
The latest National Rent Report from Rentals.ca and Urbanation reveals that Mississauga is the fourth most expensive city for tenants, with one-bedroom apartments averaging $2,339 per month. This marks a 2.7% increase from the previous month and a 1.2% increase from the previous year. Two-bedroom apartments in Mississauga are renting for an average of $2,702 per month, up 0.7% from the prior month but down 0.9% from May 2023.
Despite its high costs, Mississauga is still more affordable than Toronto, where the average rent for a one-bedroom apartment was $2,479 in May, reflecting a 2.3% drop from last year. Vancouver and Burnaby top the list of most expensive cities, with one-bedroom units averaging $2,671 and $2,545, respectively.
While cities like Toronto, Vancouver, and Burlington have experienced year-over-year declines in one-bedroom rental prices, the report highlights that the average asking rents for all residential property types in Canada surged by 9.3% year-over-year in May, reaching an average of $2,202 per month.
Shaun Hildebrand, president of Urbanation, notes that Canada’s rental market is entering the peak summer season with continued strength. He points out that rental markets in Vancouver and Toronto, which had seen some rent softening in recent months, are now stabilizing near record highs. Meanwhile, many mid-sized and smaller cities in the country are still experiencing double-digit rent increases.
The report indicates that every province recorded annual rent increases for both purpose-built and condo rentals in May. In Ontario, average rents rose by 0.6% after a 0.7% annual decrease in April, bringing the average to $2,423. Additionally, asking rents for shared accommodations increased by 8.4% year-over-year, averaging $992.
The National Rent Report analyzes monthly, quarterly, and annual rental rates and trends at national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada. Data from Rentfaster.ca, a digital rental platform, is also included in this report.