Burlington and Oakville rent rates continue to skyrocket
Rent rates in Burlington and Oakville continue to skyrocket, according to the November National Rent Report from Rentals.ca and Bullpen Research & Consulting.
The average overall monthly rent through the month of October was $2,099; up 5.5% year-over-year.
Rental rates for condominiums and apartments in Burlington increased 13.7% from Oct 2018 to $1,995 in October of this year.
"Annual rent growth in Canada continues to exceed inflation," said Ben Myers, president of Bullpen Research & Consulting, "The national figures are propped up by hot markets in Ontario and BC, which are still suffering from a lack of new supply."
Oakville is even more expensive for renters; finishing sixth out of the 36 cities listed for average monthly rent for a one-bedroom home at $1,899 (+7.5% y/y) and fourth for a two-bedroom at $2,599 (+8.5% y/y).
Year-over-year average monthly rent for all property types for Oakville rentals increasedt $2,488 by the end of October.
"There has been a noticeable decline in the number of affordable properties for rent in Ontario over the past year," said Matt Danison, CEO of Rentals.ca, "And areas that have typically provided less expensive rental accommodations such as Hamilton and Scarborough are experiencing the highest rent growth."
The average monthly rent for Canadian properties in October was $1,940 per month, an increase of 5.5% annually, according to the National Rent Report.
Mississauga finished fourth of the 36 cities for average monthly rent for a one-bedroom home at $1,988 and eighth for average monthly rent for a two-bedroom at $2,394. Year over year average monthly rent for all property types for Mississauga rentals increased to $2,407 by the end of October. Toronto's average monthly rent edged up slightly to $2,320 to remain the priciest city for renters for a one-bedroom home, while Vancouver had the highest rents for a two-bedroom at $2,949. Toronto finished second to Vancouver for average monthly rent for a two-bedroom at $2,930.
“Canada is really a tale of three markets,” according to the National Rent Report. “Immense strength and tight conditions in Ontario and British Columbia, flat or falling rents in Alberta and Saskatchewan, and relatively stable conditions in the remainder of the country.”
The average monthly price in Canada for rental apartments was $1,574 per month in October, up 7.7% from the same month last year ($1,461).
On a provincial level, Ontario had the highest rental rates in October, with landlords seeking $2,334 per month on average (all property types), unchanged month-over-month, but rising 9.1% annually from $2,139 in October of 2018.
“With near-record levels of population growth in Ontario, a lot of residents are looking for apartments, and supply hasn't kept up,” adds the report. “Through the first three quarters of 2019, there were 17,915 new apartment completions (rental and condominium tenure) in Ontario, the lowest level during the first nine months of the year since 2014.”
Hamilton is experiencing high rental market appreciation at 24.4% annually, followed closely by Scarborough at 24.0% and London at 23.4%.
The four bottom markets are all in Alberta, with Red Deer seeing rents increase by 0.3%, while annual declines of 2.1%, 5.1%, and 8.0% were experienced in Edmonton, Calgary, and Fort McMurray, respectively.
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