As the average rent in Canada surpasses $2,000 per month, it’s no surprise that Mississauga maintains its position as one of the most expensive cities for tenants.

According to the latest National Rent Report from Rentals.ca and Urbanation, Mississauga ranks fourth on the list, with the average monthly rent for a one-bedroom unit standing at $2,339, representing a 2.7% increase from the previous month and a 1.2% increase from the previous year. Two-bedroom units remain stable at an average monthly rent of $2,702, up 0.7% from the previous month but down 0.9% from May 2023.

While Mississauga is relatively more affordable for renters compared to Toronto, where the average rent for a one-bedroom unit is $2,479 (a 2.3% decrease from last year), it still holds a high position in the ranking. The two most expensive cities for renters in Canada are Vancouver ($2,671 for a one-bedroom) and Burnaby ($2,545).

Despite decreases in one-bedroom prices in cities like Toronto, Vancouver, and Burlington compared to the previous year, the report indicates that average asking rents for all residential property types in Canada have increased by 9.3% year-over-year in May, reaching an average of $2,202 per month.

This growth in rental prices, averaging around 9% annually for the past three years, reverses the decline observed during the peak of the pandemic.

Shaun Hildebrand, president of Urbanation, stated in the report that Canada’s rental market continues to show strength as it enters the peak summer season. Markets like Vancouver and Toronto, which experienced some softening in rents in previous months, are stabilizing near record highs, while many mid-sized and small cities across the country are seeing double-digit rent increases.

The report highlights that all provinces recorded annual price increases in both purpose-built and condo rentals in May. Ontario saw a 0.6% gain after experiencing a 0.7% annual decrease in April, with rents averaging $2,423.

Furthermore, the report mentions that asking rents for shared accommodations increased by 8.4% year-over-year, reaching an average of $992.

The National Rent Report provides comprehensive insights into monthly, quarterly, and annual rates and trends in the rental market at national, provincial, and municipal levels, incorporating data from all listings on the Rentals.ca Network for Canada, along with data from the digital rental platform Rentfaster.ca.