By Staff
June 13th, 2023
BURLINGTON, ON
Average asking rents in Canada rose 6.5 per cent in May, the lowest percentage annual increase since December 2021, according to the Rentals.ca and Urbanation latest National Rent Report.*
But average rent for all property types on the Rentals.ca Network was still up 19 per cent over the past two years.
Toronto finished second on the list of 35 cities for average monthly rent in May for a one-bedroom at $2,538 and third for average monthly rent for a two-bedroom at $3,286.
Burlington came in sixth for average monthly rent in May for a one-bedroom at $2,244 and 10th for average monthly rent for a two-bedroom at $2,514.
Year over year, average monthly rent in May for a one-bedroom in Burlington was up 12.7 per cent and up 7.9 per cent for a two-bedroom.
Several GTA and surrounding mid-sized markets had double-digit annual increases in May: Brampton, up 23 per cent; North York, up 22 per cent; Guelph, up 19 per cent; Markham, up 18 per cent; Hamilton, up 16 per cent; Vaughan, up 15 per cent; Mississauga and Burlington, both up 14.6 per cent and Etobicoke, up 11.5 per cent.
Oakville continued as Canada’s most expensive midsize market in May with an average rent of $3,373 for purpose-built and condominium apartments.
Ten GTA mid-sized cities and areas were in the top 14 most expensive on the list of 25, with rents ranging from $2,634 in North York to $2,527 in Burlington.
This is a picture that is not going to get any prettier.
