RENT IN MISSISSAUGA AND BRAMPTON AMONG HIGHEST IN CANADA

The average asking rent in Canada rose by 9.7 per cent year over year in February, with Mississauga and Brampton among the priciest cities.

The average asking rent went up to $1,984, according to Rentals.ca and Urbanation's latest National Rent Report, but it's the first time since June that average rents have not gone up by double digits.

The annual rate of rent inflation has been moderating after reaching a 12.4 per cent high in November, declining two per cent over the past three months.

"The rental market experienced a pullback over the past three months following record-breaking rent growth in 2022," Shaun Hildebrand, president of Urbanation, said in a news release.

"The recent slowing can be related to high rental costs impacting affordability and an increase in new supply from apartment completions. However, several key markets experiencing high demand continued to see rents trend higher last month."

Mississauga was seventh on the list of 35 cities for average monthly rent. A one-bedroom is averaging $2,181 a month and a two-bedroom $2,608.

Year over year, average monthly rent in February for Mississauga went up 19.1 per cent for a one-bedroom and 18.1 per cent for a two-bedroom, according to the report.

Brampton sits 17th on the list, with a one-bedroom averaging $1,867, and 16th for average monthly rent for a two-bedroom at $2,310.

Average monthly rent for a one-bedroom in Brampton rose 21.5 per cent, and for a two-bedroom 22.3 per cent.

Ontario is also first in Canada with a 16.2 per cent rent increase year over year in the month of February for purpose-built apartments and condos at $2,407.

The National Rent Report keeps track of the monthly, quarterly and annual rates as well as market trends on a national, provincial, and municipal level.