Rental cost continues to rise at record pace in Oakville and Burlington
Published September 13, 2023 at 2:04 pm
Oakville and Burlington remain among the most expensive places to rent in Canada.
According to the National Rent Report, which charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level, Oakville is the second most expensive place in Canada to rent a condo or apartment.
The average rent is $3,007, and that’s up 23.1 per cent over the same time period last year.
Burlington is no bargain, seventh in Canada for condo/apartment rentals with an average monthly rate of $2,576. That’s up 6.8 per cent over the same time last year.
Over the past three months, spanning from May to August, the Canadian rental market experienced a 5.1 per cent increase in asking rents, equivalent to a monthly rent increase of $103.
“Unlike in the U.S., rent inflation in Canada has failed to cool down despite rental completions having reached their highest level in decades” said Shaun Hildebrand, president of Urbanation.
“This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”
Across the country, average asking rents reached a new record high of $2,117 in August, with a monthly increase of 1.8 per cent and an annual growth rate of 9.6 per cent.
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 written by Urbanation, a Toronto-based real estate research firm providing in-depth market analysis and consulting services since 1981.
