Rental prices for Oakville condos continue to climb in June
Published July 26, 2022 at 4:40 pm
Renters are reaching deeper into their pockets to pay for their condominium in Oakville.
The average price of monthly rentals continued to rise in June across the Greater Toronto Area (GTA) and it’s no different in Oakville, according to the latest Bullpen Research and Consulting and TorontoRentals.com Toronto GTA Rent Report.
Oakville condominium renters paid six per cent more on average this past month, shelling out $2,384. That’s a 5.7 per cent increase from this time last year.
Across the GTA, average monthly rent increased by 19 per cent year over for all property types in June to $2,403 from $2,018 in June 2021.
Following May’s 5.7 per cent month-over-month increase, average rents jumped another 3.1 per cent in June, the second highest monthly increase in over three and a half years.
“Following two consecutive months of outsized rent growth of over 3 per cent monthly, average rents in the GTA are up 19 per cent annually, but remain below peak levels from late 2019,” said Ben Myers, president of Bullpen Research & Consulting.
“The rise in borrowing costs has shifted demand from the ownership market to the rental market, which has impacted the luxury rental market with the 90th percentile rent climbing 21 per cent annually, compared to 9 per cent for the 10th percentile.”
Mississauga’s average rent for condominium rentals increased 25 per cent year over year to $2,820 per month in June.
Markham had the second highest rent inflation year over year for condo rentals in June at 20 per cent to $2,469 per month.
Luxury market rentals in the GTA in June returned to the pre-pandemic high of $3,400 per month. Over the past year, the 90th percentile, or luxury market, has climbed 21 per cent, after falling 31 per cent to $2,600 in early 2021.
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