Cost to rent continues to skyrocket in Burlington, Oakville; both among most expensive in Canada
Published November 18, 2022 at 11:07 am
The price of finding somewhere to live in Burlington, Oakville and across Halton continues to rise at rates well above inflation.
According to the October National Rent Report by Rentals.ca and Urbanation, average rents rose 11.8 per cent year over year in Canada, to an average of $1,976 across all property types.
Rents charged last month averaged $209 per month higher than in the same month a year ago ($1,767). Month over month, average rents increased 2.2 per cent over September.
The latest annual increase for rents was more than double the annual increase in average hourly wages of employees in Canada at 5.6 per cent.
“The unprecedented growth in rents underway is broad-based across Canada, with most markets reporting double-digit annual rent inflation. The rental market keeps getting hotter with each interest rate increase, coupled with a record high increase in the population. The need to ramp up rental supply has never been greater,” said Shaun Hildebrand, president of Urbanation.
In the period since March, when interest rates began to rise, the average rent in Canada has increased by 9.2 per cent, which compares to a nearly equivalent 9.9 per cent decline in benchmark resale prices between March and October as reported by the Canadian Real Estate Association.
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“The unprecedented growth in rents underway is broad-based across Canada, with most markets reporting double-digit annual rent inflation,” said Hildebrand.
“The rental market keeps getting hotter with each interest rate increase, coupled with a record high increase in the population. The need to ramp up rental supply has never been greater.”
Burlington finished fifth on the list of 35 cities for average monthly rent in October for a one-bedroom at $2,174 and eighth for average monthly rent for a two-bedroom at $2,565.
Year over year, average monthly rent in October for a one-bedroom in Burlington was up 15.1 per cent and up 15.4 per cent for a two-bedroom.
Oakville came in seventh on the list for a one-bedroom at $2,098 and sixth for average monthly rent for a two-bedroom at $2,677.
Year over year, average monthly rent in October for a one-bedroom in Oakville was up 5.6 per cent and up 14.1 per cent for a two-bedroom.
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