What You Should Know About Renting in the Peel Region
For home seekers priced out of the City of Toronto, the Peel Region can feel like a natural alternative. Cheaper, but with a strong economic landscape of its own and easy transit links to the downtown core, the Peel Region may just be what you're looking for.
Located to the west of Toronto, along Lake Ontario, the Peel region consists of Mississauga, Brampton and Caledon. All together, Peel has 1.5 million residents and more than 175,000 businesses. In fact, over 60 headquarters of fortune 500 companies are located in Mississauga, including Microsoft, GE and GlaxoSmithKline.
An average one-bedroom apartment in Peel will cost you $2,167, and a two-bedroom will set you back $2,581, according to data from the Toronto Real Estate Board. Since rent in Toronto costs $2,303 and $3,057 respectively, moving there could save you $1,632 to $5,712 each year. That kind of cash adds up fast. Imagine how nice it would be to stash it away in an emergency fund or go to a sunny all-inclusive during winter!
Unfortunately, very few rental options exist in Caledon, which is mostly home to sprawling single family homes and agricultural lands. Brampton and Mississauga are where renters should focus their energies.
Bargain hunters will love Brampton, which has relatively affordable rent: $1,871 for a one-bedroom and $2,276 for a two-bedroom. The city ranks high in its access to green places, parks, bike lanes, and walking paths. You’ll likely have to own a car but will probably enjoy a designated parking space — a true unicorn in Toronto. Unfortunately, you’ll also pay the highest car insurance rates in the province. But you can afford it now that you’re saving on rent.
Meanwhile, hard-hitting career Millennials will probably love Mississauga. You don’t even have to commute into Toronto to find a job — many professional and service jobs exist right in the city. Some of the cities strongest industries are pharmaceuticals, banking, electronics and transportation. With so much to offer, the city’s population has nearly doubled over the past two decades.
Sadly, that’s meant rising prices for both Mississauga condos for sale and Mississauga homes for sale — which in turn has meant rent increases. Still, it still remains one of the most affordable suburbs west of Toronto: a one-bedroom averages $2,178 and a two-bedroom $2,600. It has been called one of the safest cities in Canada and home to one of the most diverse populations in Canada: as of the 2011 census, over 47% of the population reported their mother tongue as something other than English or French.
So next time you find your monthly budget squeezed by climbing Toronto rents, know that you have options.