Cost of renting a home in Burlington and Oakville continues to skyrocket

The cost of renting a home continues to skyrocket in Burlington and Oakville, as both are among the most expensive locations in the country.

According to the Rentals.ca and Urbanation latest National Rent Report, average monthly rents have surpassed $2,000 in Canada with no signs of slowing down,.

Average rents rose 12.4 per cent year over year in November for all property types to $2,024, increasing 2.5 per cent from October and up 4.9 per cent in the last three months.

Average rents have increased 10.5 per cent in Canada over the pre-pandemic average three years ago in November 2019, and renters who have moved are paying an average monthly rent $224 higher than last year.

“Rents in Canada are rising at an exceptionally high speed, which is having a profound effect on housing affordability as interest rates continue to rise,” said Shaun Hildebrand, president of Urbanation.

“With the most expensive cities experiencing very low supply and the fastest rates of rent increase, regions with high population growth are seeing demand shift into more affordable areas.”

Oakville came in fourth on the list for average monthly rent in November for a one-bedroom at $2,156 and for average monthly rent for a two-bedroom at $2,732.

Year over year, average monthly rent in November for a one-bedroom in Oakville was up 12.9 per cent and up 17.7 per cent for a two-bedroom.

Burlington finished fifth on the list of 35 cities for average monthly rent in November for a one-bedroom at $2,155 and 10th for average monthly rent for a two-bedroom at $2,541.

Year over year, average monthly rent in November for a one-bedroom in Burlington was up 17.9 per cent and up 11.7 per cent for a two-bedroom.