As published in the Mississauga News By GRAEME FRISQUE
Thu., Jan. 31, 2019

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.