Are rents coming down? Latest figures in Oakville and Burlington think so
Published December 12, 2023 at 1:38 pm
For the first time since the pandemic peak, rental asking prices are starting to slow down, both nationally and in Oakville and Burlington.
Asking rents for all residential property types in Canada averaged $2,174 in November, a slight decrease of 0.2 per cent since October, according to Rentals.ca and Urbanation’s latest National Rent Report.
The annual rate of rent growth in Canada moderated for the third consecutive month. Asking rents increased 8.4 per cent year-over-year in November, compared to annual growth rates of 9.9 per cent in October and 11.1 per cent in September.
“Rent inflation in Canada is slowly starting to moderate, a trend being led by a notable slowdown in rents in the country’s most expensive big cities of Vancouver and Toronto. Renters are adjusting to record high housing costs by shifting into less expensive markets,” said Shaun Hildebrand, president of Urbanation.
Oakville is the fourth most expensive rental market in the country behind Vancouver, Burnaby and Toronto, with an average rent for a one-bedroom at $2,532, up 0.3 per cent since last month and up 16.6 per cent, year-over-year. For two bedrooms, the average rent is third overall, $3,332, down 0.2 per cent since last month, but up 20.5 per cent, year-over-year.
Burlington sits eight in Canada for one bedroom rent cost at $2,203, up 0.6 per cent since last month and thre per cent, year-over-year. Two bedrooms are going for $2,533, down 1.8 per cent since last month and up 0.6 per cent, year-over-year.
Canada’s 25 most expensive small and medium-sized markets are concentrated in British Columbia, Ontario, and Quebec, with Greater Vancouver and Greater Toronto dominating the top rankings.
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.
