Rental Prices Surge in Brampton and Other Immigration Hotspots in Ontario

According to the latest National Rental Report from Rentals.ca, the average rent across Canada increased by 1% in March compared to the previous month, reaching an average of $2,004. Brampton, an immigration hotspot in Ontario, saw a surge in rental prices, with the average rent for a one-bedroom apartment being $2,028 and $2,377 for a two-bedroom. Of the 35 cities on the list, Brampton was ranked as the 10th-most expensive city for one-bedroom units, narrowly beating Victoria.

Compared to March of last year, the average monthly rent for a one-bedroom apartment in Brampton increased by almost 28.7%, while the average rent for a two-bedroom apartment increased by 25%. The report attributes this surge in rental prices to the strong demand for rental housing outstripping supply in Canada.

The report also found that immigration hotspots in Ontario saw a surge in rental prices year-over-year, with Scarborough leading the pack with a nearly 35% increase in rentals, reaching an average of $2,527 per month for purpose-built and condominium apartments. Brampton saw a jump of 29.1% to reach an average of $2,518.

The report found that asking rents for purpose-built and condominium apartments across Canada increased by 1.5% month-over-month and 10.9% year-over-year, reaching an average of $1,937 in March. Additionally, two-bedroom rents increased the fastest on an annual basis for the second month in a row, up 10.7% to an average of $2,127.