Brampton rent is increasing at a much higher rate than Toronto, and if it doesn’t slow down B-Town will catch up with TO before long. In fact, Brampton has seen one of the largest increases in the market, with prices today reaching what Toronto’s were last year.
The October 2019 Rent Report, produced by Rentals.ca, as well as additional data provided to Bramptonist, gives an indication of the comparative average rental rate for all property types for the cities of Brampton, Mississauga, Toronto proper and Etobicoke, from October 2018 to September 2019.
Within the span of about a year, Brampton has seen rates rise in rates at a rate of 14.1%, from $1,997 to $2,278. This is among the sharpest rise of the cities in the study, with a massive increase of 19.5% between May and August 2019.
In the same time period, Toronto has seen a steady rise of 7.5%, from $2,386 to $2,565. Similarly, Mississauga has seen a rise of 6.7% from $2,207 to $2,354, which was just slightly more than Etobicoke’s 6.3% rise in the same time period.
In the month between August and September rents lowered across the board for these four cities, with Brampton, having had the sharpest rise since May, also experiencing the sharpest drop by 4.6% month-over-month.
Across the country, average asking rents for all property types are the highest in Ontario, at $2,334, about 2.4 times that of the lowest in Newfoundland and Labrador, which had an average of just $960 per month.
Housing affordability was one of the issues voters considered heading into this year’s federal elections. “Any potential policy changes that could make it easier for first-time buyers,” said Ben Myers, president of Bullpen Consulting, “may take pressure off the rental market, which continues to rise nationally.”
Additionally, in the province of Ontario, the Ford government removed rent control from new buildings almost a year ago, which may be part of the general upward pressure on rent in the province.
Amazing people, quick response, amazing results.
Thanks, for the training and your excellent advice for the team.
- Francesca Bansah
Majestic mortgage is the best brokerage . Harry is the best guy i ever met. He is so humble , intelligent and down to earth . He is very helpful and co-operative. His staff is also very helpful . I am proud to be part of this team . Thankyou Harry ji for giving me opportunity to be part of this team .
-Damanpreet Singh Mundair
Majestic Mortgage is very professional and out of the class Mortgage Brokerage. Harry Saund the Principal Broker is very knowledgeable, professional and a problem solver. They have wide variety of products which have solutions for different scenarios in mortgage financing. I would definitely recommend Majestic Mortgage and specifically Harry Saund and all his knowledgeable Agents for all the Mortgage needs.
One of the best brokerage to work and no one can find a better mentor than Harry...keep rising and shining😊