If you are currently looking for a condo or apartment in Brampton right now, then you already know that the parket has been plagued by low inventory and sky-high prices.
Following two months of decline, the average monthly rental rate in Canada increased 4 per cent in May, according to the June national rent report produced by Rentals.ca and Bullpen Research & Consulting.
Rentals.ca and Bullpen chart and analyze rents for more than 30 cities across Canada on a monthly and quarterly basis.
However, in Brampton, the rent prices decreased month over month by about five per cent.
- Strippers’ advocacy group seeks judicial review of Ontario strip club closure
- Thanksgiving festivities affecting COVID-19 numbers in Ontario, Manitoba: officials
- Grocery store employee in Brampton tests positive for COVID-19
In April, Brampton tenants found themselves paying $1,639 for a one-bedroom and $1,780 for a two-bedroom. While, the average property on Rentals.ca was offered for $1,864 per month in March vs. $1,888 per month in February, a decrease of 1.3% month over month.
Brampton is still on the list of the highest rent rankings in Canada, but it has gone down on the list. It places 14th for the priciest one-bedroom homes with an average monthly rent of $1,571, and 16th for the average monthly rent at $1,692.
So, are things still expected to improve?
The report says that rents and demand for rental housing should continue to increase as the national unemployment rate is still declining. The report also notes that it’s still difficult for tenants to enter the housing market, as the mortgage stress test—which requires borrowers to qualify at higher rates than what they’ll ultimately be paying—is still in effect (and likely will remain in place for the foreseeable future as the federal government tries to keep Canadians from taking on more excessive household debt).
As for other Ontario hotspots, Toronto continues to lead the list for the average monthly rent for a one-bedroom home at $2,231 and took over the top spot from Vancouver for average monthly rent for a two-bedroom at $2,735.
In the Greater Toronto Area, the average rental rate increased slightly from $2,520 per month to $2,523 per month.
Quebec City has the lowest average monthly rent on the list with a one-bedroom going for $837 and a two-bedroom at $1,006 (so if you speak French and enjoy European touches, a move might be in order).
The report says that average rental rates in Ontario continue to outpace the other major provinces in Canada, as it costs a tenant about $600 more per month to live in a rental apartment in Ontario than in Alberta, Saskatchewan, Manitoba or Quebec.
In Ontario, rental apartment asking rents per square foot over the last three months has increased 7 per cent from the fourth quarter to $2.54 per square foot.
“Rental rates continue to increase in all major markets outside the prairie provinces,” said Ben Myers, president of Bullpen Research & Consulting. “Solid job growth and immigration continue to fuel housing demand, while the Office of the Superintendent of Financial Institutions remains firm on its continued support for the mortgage stress test, which has prevented many prospective homebuyers from affording an entry-level home.”