Those looking to save for a down payment on a home will find much of their money going to rent in cities across Ontario including Mississauga.
A new report from real estate brokerage Zoocasa looks at how much rent could have been redirected toward homeownership.
Zoocasa calculated the total rent using Rent.ca’s average one-bedroom rental prices from 2020 to 2025. The total sum was then compared to the down payment a February 2025 homebuyer would need to purchase the average-priced home in each respective city.
The total rent paid in every major Canadian city over that period could have covered a home’s down payment, sometimes two or even three times over, Zoocasa found.
Although rents have declined in Mississauga, a one-bedroom apartment is still expensive at an average of $2,264 in January. And Mississauga tops Zoocasa’s list for high rent and down payment costs.
In Mississauga, five years an average rent could …