Burlington, Oakville among most expensive places to rent in Canada as cost spikes
Published April 14, 2023 at 4:09 pm
After a winter cool down in the rental market, rents across Canada rose by one per cent in March, including in Burlington and Oakville.
The numbers compiled by rentals.ca and Urbanation show the average asking rent for all property types in Canada rose 10.8 per cent annually in March to $2,004.
Average rents were up one per cent month over month – the first monthly increase since November – pushing the year-over-year percentage growth back into double digits.
Over the past year, average asking rents have grown by $196, indicating how rental housing demand is outstripping supply in Canada.
Across Canada, Burlington came in sixth on the list for average monthly rent in March for a one-bedroom at $2,178 and eighth for average monthly rent for a two-bedroom at $2,565.
Year over year, average monthly rent in March for a one-bedroom in Burlington was up eight per cent and up 14.9 per cent for a two-bedroom.
Oakville’s average monthly rent in March for a one-bedroom home was $2,313, and average rent for a two-bedroom was $2,885.
Year over year, average monthly rent in March for a one-bedroom in Oakville was up 17.5 per cent and up 23.7 per cent for a two-bedroom.
“Spring arrived with a highly competitive rental market in Canada, driven by a record population increase of more than one million people in the past year and low homeownership affordability after last year’s spike in interest rates,” said Shaun Hildebrand, president of Urbanation.
“With supply unable to keep up with current levels of demand, expect further upward pressure on rents in the coming months.”
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.insauga's Editorial Standards and Policies advertising