Oakville and Burlington in top ten for rent prices – National Rent Report
Published November 14, 2023 at 9:00 am
Oakville and Burlington cracked the top ten for highest rents in the country in the latest National Rent Report, released by Rentals.ca and Urbanation.
For the sixth month in a row, average asking rents in Canada hit a new high in October, averaging $2,178. Over the past six months average rents increased by 8.8 per cent, equivalent to $175 extra per month.
Vancouver and its neighbour Burnaby topped the list – as per usual – with Vancouver registering an average rent for one-bedroom units of $2,822 and $3,777 for two bedrooms. Burnaby was second with $2,647 and $3,341, while Toronto came in third in the survey with $2,609 average rent for one-bedrooms and $3,424 for two-bedroom units.
Oakville came in fourth on the list in October with an average monthly rent for a one-bedroom at $2,524 and $3,337 for a two-bedroom.
The rest of the top ten is all GTA communities, with Mississauga in fifth, followed by Richmond Hill, Markham and Etobicoke, with Burlington holding the tenth spot in Canada with average rents for one-bedroom apartments at $2.189 and $2,578 for two-bedroom units.
The annual rate of rent growth in Canada stood at 9.9 per cent, a modest slowing from the 11.1 per cent annual pace in September. However, it marked the second-fastest annual increase over the past seven months. Additionally, average asking rents experienced a 1.4 per cent month-over-month increase in October, showing somewhat slower growth than the monthly gains of 1.5 per cent in September and 1.8 per cent in August. This deceleration can be attributed to seasonal factors influencing the rental market, noted Urbanation President Shaun Hilldebrand.
“While headline rent inflation for Canada continued to run hot in October, the slowing of rents in cities such as Toronto and Vancouver was significant, showing that affordability challenges are causing renters to shift into less expensive markets,” he said.
The average rent in Canada in October for one-bedroom units in October was $1,889 and $2,329 for two-bedroom apartments.
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.
