By Staff
July 13th, 2023
BURLINGTON, ON
The latest National Rent Report has average surpassing the November record of $2,024 by 0.9 per cent, according to the Rentals.ca and Urbanation latest National Rent Report.*
Average rents for all property types in Canada on the Rentals.ca Network have increased 20 per cent, or by an average of $341 per month over the last two years.
Average rents were up 1.4 per cent from May to June, representing the largest month-over-month rise this year, while annually average rents increased 7.5 per cent.
There are all kinds of apartments to rent – they just aren’t affordable.
Oakville was the only suburb in the Greater Toronto Area (GTA) with average rent ($3,230) more expensive than Toronto ($2,813) in June for purpose-built and condominium apartments and continued to be the country’s most expensive midsize market for renters.
Nine other GTA cities and areas were among 25 mid-sized markets in Canada; Burlington, up 14.7 per cent to $2,561 and Etobicoke, up 14.2 per cent to $2,630.
Ontario continues to have the second highest average rents for purpose-built and condominium apartments. In June, average annual rents were up 9.3 per cent in Ontario to $2,415.
The traditional explanation for this kind of economic behaviour is that of supply and demand. The real driving force is sheer greed; the greedy would call that making hay when the sun shines.
As a senior most rents are more than my monthly income. What should I do?
What happened to rents being only 30% of your income? Seniors are paying closer to 50% in some buildings and those are the ones with cheaper rents.
And those rents are going higher–much higher. The Ford government may have only mandated a 2.5% increase for 2024 but when mayors like MMW will have raised property taxes by 15% in less than two years, significantly higher than the current rate of inflation, Burlington landlords will quickly be applying to the Rent Review Board to have rents raised by more than 2.5%–it’s inevitable!