Hamilton rental prices drop but still more expensive than Montreal, Calgary: report
Published March 15, 2022 at 9:28 am
Hamilton saw a decline in average rental prices in February while the Canada-wide average continues to rise.
According to a report from Rentals.ca and Bullpen Research & Consulting, the average rent for all Canadian properties last month was $1,820 per month — an increase of 6.2 per cent annually.
In Hamilton, the average monthly rent in February for condos and apartments was $1,722 compared to $1,799 the previous year. Hamilton continues to surpass larger markets like Montreal ($1,718) and Calgary ($1,404) in this area, according to the report. However, those highly populated municipalities haven’t had to deal with Toronto spill-over.
Hamilton ranked 18th in Canada for average monthly rent of a one-bedroom at $1,514 and 15th for a two-bedroom home at $1,940 in February.
National average monthly rents hit a high of $1,954 in August 2019, then during the worst of the COVID-19 pandemic declined to a low of $1,676 in April 2021 before coming back to the low $1,800s at the beginning of this year.
“Rents could continue to push higher in the near future because of increasing demand reinforced by supply chain disruptions, record inflation, increasing interest rates and much higher gas prices,” according to the report.
Toronto finished second on the list of 35 cities for average monthly rent in February for a one-bedroom at $2,044 and for average monthly rent for a two-bedroom at $2,778.
“The rental market overall in Canada continues to trend upward in the post-vaccine pandemic period, with continued strength in the market for larger suites,” said Ben Myers, president of Bullpen Research & Consulting. “Growth in average rents for one-bedroom units lags other bedroom types, with two-, three- and four-bedroom units exceeding February 2020 pre-COVID-19 rent levels last month.”
“British Columbia, specifically Vancouver, and downtown Toronto are leading the market recovery, pushing rents up nationally,” he added.
Vancouver has the highest year-over-year change in average monthly rents for condo rentals and apartments, increasing by 23 per cent to $2,661 in February. Victoria is close behind with an annual increase of 22 per cent to $2,106 per month.
Ontario had the second highest monthly average rental rates of the provinces listed at $2,118, and Ontario’s average monthly rent increased 10.4 per cent year over year in February.
Annual average rents for one- and two-bedroom condos increased in Ontario in February by 18 per cent.insauga's Editorial Standards and Policies advertising