Rents stayed flat in Burlington, Oakville during February
Published March 8, 2024 at 3:44 pm
For the first time in a few years, rents in Oakville and Burlington appear to be levelling off.
Especially when compared to other major markets across the country.
The average asking rent for all property types in Canada increased 10.5 per cent annually, to $2,193, the fastest annual growth since September 2023, according to Rentals.ca and Urbanation’s latest National Rent Report.
Compared to February 2022, just before the onset of interest rate increases by the Bank of Canada, average asking rents in Canada have increased by 21 per cent, translating to a $384 per month increase.
“The rapid rate of rent growth in Canada is unrelenting,” said Shaun Hildebrand, President of Urbanation. “While some markets are experiencing a softening in rents, others are seeing an acceleration, with an underlying theme that rental supply remains grossly insufficient to meet current levels of demand.”
Oakville ranks fifth nationally in the price of rent. In February, the average asking price of a one-bedroom rental was $2,268, down half-a-percent from last month and even, year-over-year. The cost of a two-bedroom was $2,684, down 1.8 per cent month-over-month and down 8.1 per cent year-over-year.
Burlington, which ranks eighth in the country for rent, has an average rental price of a one-bedroom at $2,193, down marginally from last month and down 1.2 per cent, year-over-year. For two bedrooms, the price is $2,591, up a half-per-cent since last month and up 2.4 per cent year-over-year.
Across the country, purpose-built rental apartments saw a 14.4 per cent annual growth, reaching an average of $2,110 in February. Similarly, condominium rental apartments saw a five per cent, year-over-year increase, with average asking rents of $2,372, while apartments in houses averaged asking rents of $2,347, rising by 5.3 per cent annually.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada. The data from the digital rental platform Rentfaster.ca is incorporated into this report.
Rentals.ca Network data is analyzed and the report is written by Urbanation, a Toronto-based real estate research firm providing in-depth market analysis and consulting services since 1981.
