While rents across Canada experienced a decline in 2024, Mississauga remains one of the most expensive cities to live in, according to the latest National Rent Report by Rentals.ca and Urbanation.
In December 2024, average asking rents in Mississauga for:
- One-bedroom apartments dropped by 4.6% year-over-year to $2,263.
- Two-bedroom apartments fell by 2.1% to $2,691.
On a monthly basis, one-bedroom rents declined by 0.7%, and two-bedroom rents decreased by 1.6%.
Despite these reductions, Mississauga ranks as the fourth most expensive city in Canada for renters, trailing behind Vancouver ($2,512), Burnaby ($2,366), and Toronto ($2,360) for one-bedroom units.
Across Canada, average rents dropped by 3.2% in 2024 to a 17-month low of $2,109 in December. In Ontario, the decline was more pronounced, with average rents falling 4.7% annually to $2,332.
This recent downturn follows years of sharp increases, with rents growing by 8.6% in 2023 and 12.1% in 2022. Over the past five years, rents across Canada have risen 16.8%, averaging a 3.15% annual increase.
The report attributes the recent decline to several factors:
- A slowdown in population growth.
- Record-high apartment completions in 2024.
- A weakening economy.
Shaun Hildebrand, president of Urbanation, noted that the rental market softened after record-breaking growth in 2022 and 2023 but cautioned that the current dip might be temporary.
While current trends suggest further rental decreases in 2025, Hildebrand predicts they will remain minimal due to a persistent undersupply of rental units. He expects rents to accelerate again as the slowdown in construction exacerbates supply constraints.
Despite the decline, Mississauga continues to face significant affordability challenges, highlighting the need for more rental supply to address long-term demand.