Mississauga has slipped to the fifth most expensive city in Canada for renting an apartment, according to the February National Rent Report by Rentals.ca and Urbanation. The city, which previously held the fourth spot for several years, has seen rents decline this winter, with Oakville now taking the fourth position.
Vancouver remains the most expensive rental market in Canada, followed by Toronto in second place and Burnaby in third. The report highlights that the average asking rent for all residential properties in Canada fell to $2,100 in January, marking a 4.4% annual decline. This is the fourth consecutive month of decreasing rents, with Ontario experiencing the steepest drop at 5.2%.
In Mississauga, the average rent for a one-bedroom apartment in January was 2,264, reflecting a down 1.1% year-over-year and 0.3% from December.
“The downward trend for rents in Canada accelerated during the first month of 2025,” said Shaun Hildebrand, president of Urbanation. “Heightened downside risks for the economy, combined with declining international population inflows and multi-decade highs for apartment completions, suggest rents will continue to weaken in the months ahead. This will result in improved affordability for renters.”
As rental markets adjust, tenants may find more affordable options, but the shift also reflects broader economic challenges.