Rents on the rise across Canada – up 16.7 per cent in Oshawa
Published November 18, 2022 at 3:40 pm
Rents continued to surge across Canada during October, according to the Rentals.ca and Urbanation latest National Rent Report.
Average rents rose 11.8 per cent year over year in October in Canada to an average of $1,976 across all property types, spelling bad news for renters looking for affordable housing. Rents charged last month averaged $209 per month higher than in the same month a year ago ($1,767).
The latest annual increase for rents was more than double the annual increase in average hourly wages of employees in Canada at 5.6 per cent, as reported by Statistics Canada for October.
Rents were also $130 per month (plus seven per cent) higher than the pre-pandemic high in October 2019 ($1,845).
In the period since March when interest rates began to rise, the average rent in Canada has increased by 9.2 per cent, which compares to a nearly equivalent 9.9 per cent decline in benchmark resale prices between March and October as reported by the Canadian Real Estate Association.
“The unprecedented growth in rents underway is broad-based across Canada, with most markets reporting double-digit annual rent inflation,” said Shaun Hildebrand, president of Urbanation. “The rental market keeps getting hotter with each interest rate increase, coupled with a record high increase in the population. The need to ramp up rental supply has never been greater.”
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Oshawa finished 21st on the list of 35 cities for average monthly rent in October for a one-bedroom at $1,709 and 24th for average monthly rent for a two-bedroom at $1,978. Year over year, average monthly rent in October for a one-bedroom in Oshawa was up 16.7 per cent and up 12.6 per cent for a two-bedroom.
Eight other cities and areas in the Greater Toronto Area are included on the list of 35 cities, including:
- Burlington finished fifth for a one-bedroom at $2,174 and eighth for average monthly rent for a two-bedroom at $2,565. Year over year, average monthly rent in October for a one-bedroom in Burlington was up 15.1 per cent and up 15.4 per cent for a two-bedroom.
- Oakville came in seventh for a one-bedroom at $2,098 and sixth for average monthly rent for a two-bedroom at $2,677. Year over year, average monthly rent in October for a one-bedroom in Oakville was up 5.6 per cent and up 14.1 per cent for a two-bedroom.
- Mississauga finished eighth for a one-bedroom at $2,091 and ninth for average monthly rent for a two-bedroom at $2,474. Year over year, average monthly rent in October for a one-bedroom in Mississauga was up 14.9 per cent and up 14.5 per cent for a two-bedroom.
- Bramptonfinished 11th on the list of 35 cities for average monthly rent in October for a one-bedroom at $2,052 and 10th for average monthly rent for a two-bedroom at $2,463. Year over year, average monthly rent in October for a one-bedroom in Brampton was up 30.4 per cent and up 32.2 per cent for a two-bedroom. Month over month, average rent in Brampton in October for a one-bedroom home was 12.7 per cent and up 14.6 per cent for a two-bedroom.
