Hamilton one-bedroom rental prices up 19% compared to last year

Hamilton | Real Estate | Rentals |

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Published April 14, 2023 at 8:04 am

hamilton ontario rent prices ontario canada rentals.ca march one bedroom two bedroom
A one-bedroom in Hamilton is 19 per cent more than this time last year. Yet, it's still one of the more affordable cities to rent in Canada.

In Hamilton, housing prices have stabilized, but the cost of rentals continues to rise.

The average one-bedroom in Hamilton was listed for $1,874 in March, while two-bedrooms came in at $2,266, according to the latest report from Rentals.ca and Urbanation.

Year over year, the average monthly rent in March for a one-bedroom in Hamilton was up 19.2 per cent and up 14.4 per cent for a two-bedroom.

Hamilton, though, is still among the more affordable medium-to-big cities in the country — ranking 18th out of the 35 markets analyzed in terms of overall rental prices.

hamilton ontario rent prices ontario canada rentals.ca march one bedroom two bedroom

In the Greater Toronto Area, average rents in March for purpose-built and condominium apartments in Oakville at $2,648; Etobicoke at $2,587; Mississauga at $2,549; Scarborough at $2,527; Brampton at $2,518; Burlington at $2,516; Markham at $2,516; Richmond Hill at $2,497; North York at $2,497; Vaughan at $2,445; and Pickering at $2,440.

Unsurprisingly, private room and shared accommodation rentals have gained popularity as rents have soared over the past year. The average asking rent for single-room rentals in Canada was $834 in March, with the highest rents averaging $1,053 in British Columbia and $934 in Ontario.

hamilton ontario rent prices ontario canada rentals.ca march one bedroom two bedroom

Toronto again finished second with rents up 22.4 per cent annually to an average of $2,818 in March for condo rentals and apartments.

Outside the GTA but in Ontario, average rents were highest in March in Kanata at $2,434; Barrie at $2,363; Cambridge at $2,253; Guelph at $2,196 and Kitchener at $2,195.

Vancouver, the most expensive of Canada’s largest markets, saw annual rent growth of 18.7 per cent in March, with average rents up to $3,146.

For the second straight month, Calgary had the fastest increasing rents among Canada’s largest cities in March for condominium rentals and apartments — rising 24.9 per cent year over year to $1,890 in Calgary.

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