Oshawa two-bedroom apartments jump 12.5 per cent in January; one-bedrooms fall 6.3 per cent
Published February 16, 2023 at 3:41 pm
The good news for prospective renters is average rent prices for one-bedroom flats went down more than six per cent year-over-year in January.
The not-as-good news? Rents for two-bedroom apartments jumped 12.5 per cent in the same period.
The average listed rent for all property types in Canada rose 10.7 per cent year over year in January, the ninth straight month for double-digit increases, according to the latest National Rent Report from Rentals.ca and Urbanation.
Oshawa remains one of the more affordable cities to rent – at least in relation to its GTA cousins – with the city placing 20th of 35 communities surveyed for the report for one-bedrooms at $1,743 per month, and 23rd for two-bedrooms at $2,047.
The average listed rent for all property types nationally was $1,996 in January, decreasing 0.5 per cent from December after averaging above $2,000 during the previous two months.
Compared to the pre-pandemic average rent in January 2020 of $1,823, rents in Canada increased 9.5 per cent, equal to an average annual increase of 3.2 per cent during the three-year period.
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“The Canadian rental market started 2023 where it ended in 2022, posting sharp annual rent growth amid low supply and quickly rising demand,” said Shaun Hildebrand, president of Urbanation. “Outside of Toronto, rent increases are becoming more acute in markets in BC and Alberta, which are experiencing relatively strong rates of population growth.”
Toronto finished second on the list of 35 cities for average monthly rent in January for a one-bedroom at $2,458 and second for average monthly rent for a two-bedroom at $3,227.
Oakville finished fourth for a one-bedroom at $2,245 and also fourth for two-bedrooms at $2,879. Neighbouring Burlington followed in fifth for a one-bedroom ($2,210) and eighth for a two-bedroom ($2,519) while Mississauga finished sixth on the list for one-bedroom units ($2,167) and seventh for average monthly rent for a two-bedroom at $2,584.
Brampton came in 14th on the list of 35 cities for average monthly rent in January for a one-bedroom at $1,886 and for a two-bedroom apartment at $2,317.
Among Canada’s six largest rental markets, Toronto condo rental and apartment rents increased 20.8 per cent annually in January. Vancouver and Calgary had the highest increases in average rent for condominium rentals and apartments in January, with annual growth of 22.9 per cent and 22.7 per cent, respectively.
Among 20 medium-sized cities, Burnaby average annual rents increased the most – by 32.7 per cent in January for condominium rentals and apartments; Kitchener finished second with average rents up 28.2 per cent; Brampton average rents in January rose 25.1 per cent; Hamilton average rents increased by 23.1 per cent and average annual rents in London jumped 22.4 per cent for condo rentals and apartments.
Oakville (14.4 per cent) was also among the top 20.
As far as prices for condo rentals and apartments, Vancouver suburbs Burnaby ($2,947), Coquitlam ($2,680), and Richmond ($2,636) held the top three positions, followed by Vaughan ($2,581), Oakville ($2,549), Etobicoke ($2,541), Mississauga ($2,510), Brampton ($2,466), and Burlington ($2,418).
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