By Staff
April 15th, 2023
BURLINGTON, ON
The average asking rent for all property types in Canada rose 10.8 per cent annually in March to $2,004, according to the Rentals.ca and Urbanation latest National Rent Report.
Average rents were up 1 per cent month over month – the first monthly increase since November – pushing the year-over-year percentage growth back into double digits.
Over the past year, average asking rents have grown by $196, indicating how rental housing demand is outstripping supply in Canada.
Toronto finished second on the list of 35 cities for average monthly rent in March for a one-bedroom at $2,506 and second for average monthly rent for a two-bedroom at $3,286.
Year over year, average monthly rent in March for a one-bedroom in Toronto was up 22.2 per cent and up 19.7 per cent for a two-bedroom.
Welcome to Burlington – you won’t be here for long if you are low income person.
Burlington came in sixth on the list for average monthly rent in March for a one-bedroom at $2,178 and eighth for average monthly rent for a two-bedroom at $2,565.
Year over year,
average monthly rent in March
for a one-bedroom in Burlington
was up 8 per cent and up
14.9 per cent for a two-bedroom.
Although not on the list, Oakville average monthly rent in March for a one-bedroom home was $2,313, and average rent for a two-bedroom was $2,$2,885.
Year over year, average monthly rent in March for a one-bedroom in Oakville was up 17.5 per cent and up 23.7 per cent for a two-bedroom.
Private room and shared-accommodation rentals have gained popularity as rents have soared over the past year. The average rent for single-room rentals in Toronto in March was $1,309, and the average rent for a single room in Ontario in March was $934.
Shaun Hildebrand, president of Urbanation puts it in context: “Spring arrived with a highly competitive rental market in Canada, driven by a record population increase of over 1 million people in the past year and low home ownership affordability after last year’s spike in interest rates. With supply unable to keep up with current levels of demand, expect further upward pressure on rents in the coming months.”
That sounds like it is going to get worse before it gets better.
The rent increases are not mandated – this is what a market economy does. Supply is low which allows property owners to increase their prices.
