Hamilton one-bedroom rental prices up 19% compared to last year
Published April 14, 2023 at 8:04 am
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.
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.
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.insauga's Editorial Standards and Policies advertising