Rent rises to record high in Canada, increase less in Burlington
Published June 6, 2024 at 4:09 pm
Although rent in Burlington is still expensive, it’s still slightly under the national average.
Average asking rents for all residential property types in Canada increased 9.3 per cent year-over-year in May, reaching an average of $2,202 per month according to Rentals.ca and Urbanation’s latest National Rent Report.
This rate of increase is consistent with the annual growth rate recorded in April and reflects an average annual growth of 9.1 per cent over the past three years. Despite rent declines experienced during 2020 and 2021, the latest five-year average annual growth for asking rents was 4.7 per cent.
“Canada’s rental market is entering the peak summer season with continued strength,” said Shaun Hildebrand, president of Urbanation.
“Markets such as Vancouver and Toronto that had experienced some softening in rents in previous months are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases.”
Burlington is the only Halton municipality to be highlighted on the report and it sits seventh on the list of most expensive one-bedroom rentals at $2,196. That is up 1.8 per cent over last month but down 2.2 per cent when compared to last year.
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The average rent for a two-bedroom is $2,615, the same compared to last month and up four per cent, year-over-year.
