Average cost of rentals still climbing in Burlington and Oakville
Published June 12, 2023 at 11:04 am
The average cost of rentals went up by its lowest percentage this past month in Canada, but the rental market in Oakville and Burlington and is still among the most expensive.
Average annual rentals went up by 6.5 per cent across the country, the lowest increase since December of 2021 according to the latest National Rent Report put together by Rentals.ca and Urbanation.
Fifteen Ontario mid-sized cities and areas on a list of 25 saw the fastest rising rents year over year for condo rentals and apartments in May.
Scarborough topped the list of mid-sized cities and areas with rents up 29 per cent annually in May to an average of $2,527.
Burlington was among the surrounding mid-size markets that had a double digit increase last month, with costs rising 14.6 per cent.
Oakville continued as Canada’s most expensive midsize market in May with an average rent of $3,373 for purpose-built and condominium apartments.
Month over month, average rents in Canada increased 0.6 per cent to $2,014. Renters can expect those prices to climb with rising immigration and as buying a home becomes more expensive.
“Higher rents are on the horizon with interest rates at a 22-year high, rising home prices and record immigration,” said Matt Danison, CEO of Rentals.ca Network. “Gen Z could become the ‘Boomerang Generation’ moving back in with the parents or the ‘Roommate Generation’ splitting rent as it’s unaffordable for many Canadians to pay rent on their own.
“Governments at all levels need to come up with creative solutions to increase housing supply.”
Ten GTA mid-sized cities and areas were in the top 14 most expensive on the list of 25, with rents ranging from $2,634 in North York to $2,527 in Burlington.
Burlington finished sixth on a list of the top 35 cities for highest average monthly rent in May for a one-bedroom with a cost of $2,244. They were 10 on the list for average monthly rent for a two-bedroom at $2,514.
While Oakville was not included on the list, average monthly rent in May for a one-bedroom home was $2,522, and average monthly rent for a two-bedroom was $3,656.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on the Rentals.ca Network for Canada.
The data is analyzed and the report written by Urbanation, a Toronto-based real estate research firm.
The data includes single-detached homes, semi-detached homes, townhouses, condominium apartments, rental apartments and basement apartments (outlier listings are removed, as are single-room rentals).
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