Rental costs in Burlington, Oakville to be among highest in Canada
Published August 13, 2023 at 2:00 pm
Rents remain sky-high in Burlington and Oakville according to the latest report from Rentals.ca.
The online real estate company took a look at 35 cities across Canada and Burlington had the sixth highest rent for a one-bedroom home, behind only Vancouver, Toronto, Burnaby, Mississauga and Richmond Hill.
According to the report, the cost to rent a one-bedroom in Burlington is $2,260, which is up 2.1 per cent over last month and up 4.8 per cent year-over-year. It’s not much different for a two-bedroom, with the average rental at 2,624, up 1.9 per cent over last month and 7.8 per cent from last year.
Oakville is mentioned in the report when talking about rents for condominiums. In July, it was the third most expensive in Canada at $3,114, posting the fastest annual growth rate in the country at 32.1 per cent in July.
Rentals.ca and Urbanation attributed the rise to a surge in post-secondary students signing leases before the fall, unprecedented levels of population growth and homebuyers holding off on purchases as interest rates have risen.
“Canada’s rental market is currently facing a perfect storm of factors driving rents to new highs,” said Shaun Hildebrand, president of Urbanation, in a news release.
“These include the peak season for lease activity, an open border policy for new residents, quickly rising incomes, and the worst ever home ownership affordability conditions.”
Across the country, average asking rent reached a new high of $2,078.
This represents a 8.9 per cent annual increase, marking the fastest pace of growth over the past three months. A 1.8 per cent hike in average asking rents compared to June represented the most rapid month-over-month increase in the last eight months.
Compared to July 2021, average asking rents in Canada have increased by 21 per cent, translating to an additional $354 per month on average.
Several factors have contributed to this rise, according to Rentals.ca, including a surge in post-secondary students signing leases before the fall term, population growth at an unprecedented level, and homebuyers temporarily sidelined by the Bank of Canada’s latest interest rate increase to a 22-year high.
