Rental rates in Burlington fell 3 per cent in August

For the first time in several years, the average rent in Burlington, and across Halton, is dropping.

According to the National Rent Report for August, the asking price for a one-bedroom apartment in Burlington is $2,191, down three per cent compared to the previous month and down 0.8 per cent compared to the same month last year.

Two bedrooms have also seen their average price drop to $2,653, down 1.3 per cent from July and even compared to last year.

“Rent increases in Canada finally returned to their longer-term average after nearly three years of excessive growth,” said Shaun Hildebrand, president of Urbanation. “This was achieved through a combination of more supply being built, as well as a rollback in demand from population-related changes in government policies.”

The report is compiled by Rentals.ca and Urbanation. Across Canada, average asking rents for all residential property types increased by 3.3 per cent year-over-year in August, reaching an average of $2,187 per month.

This marks the slowest annual rate of rent growth in nearly three years. On a month-over-month basis, average asking rents decreased by 0.1 per cent, extending the trend of moderation seen since May.

Rents for purpose-built and condominium rental apartments increased by 4.7 per cent annually, averaging $2,142 in August. Purpose-built apartment rents rose 6.2 per cent to an average of $2,118, while condominium apartment rents edged up by just 0.1 per cent, averaging $2,308. Studio condominium rents declined for the sixth consecutive month, down 3.3 per cent annually to $1,825, while purpose-built studio rents surged by 10.7 per cent to $1,784.

B.C. and Ontario remained the provinces with the highest rents, despite experiencing annual declines. In B.C., average apartment rents dropped 5.2 per cent annually to $2,536, while Ontario saw a 4.3 per cent decline to $2,390.