Cost to rent in Oakville and Burlington continues to rise faster than Canadian average
Published March 14, 2023 at 10:56 am
Bucking the national trend of slightly lower rent increases, Burlington and Oakville both exceeded the national average, remaining among the most expensive places in Canada to rent a home.
The average asking rent for all property types in Canada rose 9.7 per cent year over year in February, to $1,984, according to the Rentals.ca and Urbanation latest National Rent Report.
This is the first time since June that average rents have not increased by double digits. The annual rate of rent inflation has been moderating since reaching a high of 12.4 per cent in November. Rents decreased 0.6 per cent from January and have declined 2 per cent over the past three months.
“The rental market experienced a pullback over the past three months following record-breaking rent growth in 2022,” said Shaun Hildebrand, president of Urbanation.
“The recent slowing can be related to high rental costs impacting affordability and an increase in new supply from apartment completions. However, several key markets experiencing high demand continued to see rents trend higher last month.”
Oakville came in fourth on the list for Canadian cities average monthly rent in February for a one-bedroom at $2,268 and for average monthly rent for a two-bedroom at $2,921. Year over year, average monthly rent in February for a one-bedroom in Oakville was up 15.9 per cent and up 20.2 per cent for a two-bedroom.
Burlington finished fifth on the list for a one-bedroom at $2,220 and eighth for average monthly rent for a two-bedroom at $2,530. Year over year, average monthly rent in February for a one-bedroom in Burlington was up 16.6 per cent and up 10.9 per cent for a two-bedroom.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on the Rentals.ca Network for Canada.
Rentals.ca Network data is analyzed and the report written by Urbanation, a Toronto-based real estate research firm providing in-depth market analysis and consulting services since 1981.insauga's Editorial Standards and Policies advertising