By Staff
January 18th, 2023
BURLINGTON, ON
Gas prices came down, food prices didn’t – and rents went crazy.
Average monthly rents have surpassed $2,000 in Canada with no signs of slowing down, according to the Rentals.ca and Urbanation latest National Rent Report.
Average rents rose 12.4 per cent year over year in November to $2,024, increasing 2.5 per cent from October and up 4.9 per cent in the last three months.
Burlington finished fifth on the list of 35 cities for average monthly rent in November for a one-bedroom at $2,155 and 10th for average monthly rent for a two-bedroom at $2,541.
Year over year, average monthly rent in November for a one-bedroom in Burlington was up 17.9 per cent and up 11.7 per cent for a two-bedroom.
Toronto finished second on the list of 35 cities for average monthly rent in November for a one-bedroom at $2,532 and second for average monthly rent for a two-bedroom at $3,347.
Year over year, average monthly rent in November for a one-bedroom in Toronto was up 23 per cent and up 20.7 per cent for a two-bedroom.
Among major markets in Canada with populations over 1 million, average rents for purpose-built and condominium apartments increased fastest in November for the most expensive cities. Toronto finished second on the list with average rents up 23.7 per cent to $2,864. One-bedroom rents averaged $2,551 in Toronto, while two-bedroom rents averaged $3,363.
Among medium-sized markets, purpose-built and condominium rents rose the highest over the past year in several Greater Toronto Area (GTA) cities and areas, including Brampton (up 28 per cent to $2,430), North York (up 25.8 per cent to $2,470), Etobicoke (up 24.5 per cent to $2,568), Scarborough (up 22.9 per cent to $2,301) and Mississauga (up 19.2 per cent to $2,452).
Ontario finished third in the provincial category for average rents for purpose-built and condominium rents in November with rents rising 15.3 per cent annually. One-bedroom rents averaged $2,156 in Ontario in November, while two-bedroom rents averaged $2,638.
The data collected is now being analyzed and the report written by Urbanation. Urbanation is a Toronto-based real estate research firm providing in-depth market analysis and consulting services since 1981.
Second, all the data from the digital rental platform Rentfaster.ca has been incorporated into this report. Comparisons and analyses are based on the new and bigger dataset.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level.
With immigration expected to bring more than 400,000 people into the country rents will continue to rise while the province struggles to get housing built.
We are probably looking at a decade of very troubled housing markets.
