Renters in Mississauga and across Canada are catching a break as asking rents keep sliding, hitting a national average of $2,088 in February—a 4.8% drop from last year, the steepest since April 2021. That’s the word from the latest National Rent Report by Rentals.ca and Urbanation, marking five straight months of year-over-year declines and the lowest rents since July 2023.
“Canada’s rental market is cooling fast—supply’s outpacing demand,” says Shaun Hildebrand, Urbanation’s president. “With apartment completions at all-time highs, population growth slowing, and a looming U.S. trade war rattling the economy, rents should keep dipping for now.”
But don’t pop the champagne just yet—affordability’s still a stretch. Even with the downturn, rents are 5.2% above two-year-ago levels and 16.9% higher than pre-pandemic days. Nationally, rents shed $105 since February 2024, a stark pivot from the $209 spike seen the year before. Compared to five years back, though, they’re still up a hefty $302 monthly.
Mississauga holds steady as Canada’s fifth priciest rental city, trailing Vancouver, Burnaby, Toronto, and Oakville but edging out Etobicoke and North York. One-bedroom units here averaged $2,228 in February—down 2.9% from last year and 1.6% from January’s $2,264. Two-bedroom spots clocked in at $2,682, slipping 0.1% month-over-month and 1.5% year-over-year.
Ontario’s leading the rent retreat, with a 4.2% drop to $2,329, while British Columbia eased 1% to $2,457 and Quebec dipped 0.6% to $2,329. Bucking the trend, Alberta nudged up 1.4% to $1,732, and Nova Scotia climbed 1.2% to $2,171. Saskatchewan (up 5.2% to $1,329) and Manitoba (up 3.4% to $1,606) posted the boldest gains.
For Mississauga renters, the trend’s a silver lining—but with prices still lofty, the hunt for a deal remains real.