Rental Market Challenges: Brampton Ranked 5th Most Expensive City for Renters in Canada
According to recent research conducted by real estate company Zoocasa, Brampton residents who choose to rent are spending 50 percent less on housing costs per month compared to homeowners in the city. However, despite the lower expenses for renters, Brampton secured the 5th position in Canada’s most expensive rental markets last month.
In June, the average Brampton renter paid $2,317 per month, while homeowners spent an average of $4,777 on their monthly mortgages. Brampton’s ranking placed it just behind Victoria, which had an average rent of $2,367, while Vancouver topped the charts with an average rental rate of $3,404. Toronto followed closely in second place, with an average rent of $2,937, and Mississauga secured the third spot with a rental rate of $2,592.
The demand for affordable housing continues to surge due to record population growth, which has driven up both home prices and rental rates, resulting in record-high average rent asking prices across Canada. As a consequence, Brampton’s rental market remains competitive, even with its lower housing costs for renters.
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