Oakville rental rates ranked third most expensive in Canada

While the cost of one-bedroom rental properties in Oakville is down, the town remains among the most expensive places in Canada when it comes to paying rent.

According to Rental.ca’s latest National Rent Rankings, Oakville is the third most costly city in Canada to rent a one- or two-bedroom property.

Only Vancouver and Toronto are more expensive out of 35 Canadian cities listed by Rentals.ca.

The average cost of a one-bedroom rental in November was $1,879, that’s down a whopping 5.29 per cent from the previous month of October 2021. Annually, that’s down 1.78 per cent.

While the cost of a one-bedroom rental in Oakville has fallen, the cost of renting a two-bedroom apartment in Oakville is up annually.

Renters in Oakville are forking over $2,275 for a two-bedroom property. While that average cost is down slightly 1.02 per cent from October, it’s up 3.38 per cent annually.

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Vancouver remains the most expensive location in Canada to rent a property. There it will cost you $2,132 for a one-bedroom and $2,998 for a two-bedroom.

Toronto is just behind that, with the average cost being $2,040 for a one-bedroom and $2,764 for two-bedroom.

The average rent for all Canadian properties listed on Rentals.ca in November was $1,817 per month, up 3.6 per cent annually and 1.0 per cent from October 2021.

According to Rentals.ca, the rental market in Canada appears to be on the road to recovery, returning to the levels seen before the COVID-19 pandemic hit at the start of 2020. Though they still remain below 2019-peak rent levels.