The cost of living in Canada’s sixth largest city continued its upward trend in the fourth quarter of 2018, with the monthly average rent for a one-bedroom condo now surpassing some areas of Toronto.
According to the most recent condo rental tracking data from the Toronto Real Estate Board (TREB), the average rent for a one-bedroom apartment-style condo unit in Mississauga between October and December of last year climbed to $2,000.
That represented an 11.5-per-cent increase compared to the first three months of 2018, when a one-bedroom unit could be had at an average monthly cost of $1,794. In neighbouring Toronto, the average rent for a one-bedroom condo in the east end came in at $1,954 in the year’s fourth quarter.
In the city’s west end abutting Mississauga, the average monthly cost was only slightly higher at $2,023 per month. However, a unit in Toronto’s central zone still outpaces Mississauga by approximately 10 per cent at $2,241 per month.
“The Greater Toronto Area has seen significant growth in its economy throughout 2018. It has become a primary destination for companies in various industries who are attracting younger talent who have a desire to live in the region,” said president Garry Bhaura in TREB’s quarterly analysis.
“This desirability has contributed to the continuation of historically-low vacancy rates, strong competition between renters for available units and, as a result, very strong growth in average rents,” he added.