Brampton has grown in leaps and bounds since 2000. The residential rental market maintains high demand and low vacancy rate; as a result, the rental rates have risen, too.
According to statistics, the cost of living in Brampton is 9.6 per cent higher than it is in Toronto, and the financial pinch is compounded as rents increase yearly.
Even with new rental legislation in place, expanding rent controls to include all private rental units in Ontario, including those built after 1991, increases will be capped; this year it’s at 1.5 per cent. But the effect on supply is not yet determined.
According to the Canada Mortgage and Housing Corporation (CMHC) Rental Market Report, rental rates have increased approximately 21 per cent on average in the last 15 years. The average rent went from $832 in 1996 to $1,010 in 2001. After 2001, the markets underwent a self correction and increases were far more modest, for a time anyway. But in the last five years, rents escalated up to 22 per cent between 2011 and 2016, driving average rents to approximately $1,250.
The Rental Fairness Act will hopefully bring stability to fluctuating rental rates.