By Staff
May 15th, 2023
BURLINGTON, ON
Average asking rents in Canada rose 20 per cent in April for all property types to $2,002 over the pandemic low in April 2021 of $1,662, according to the Rentals.ca and Urbanation latest National Rent Report.*
That’s an average increase of $340 per month.
Burlington
finished seventh for average monthly rent in April for a one-bedroom at $2,171 and 10th for average monthly rent for a two-bedroom at $2,533.
Year over year, average monthly rent in April for a one-bedroom in Burlington was up 8.9 per cent and up 12.6 per cent for a two-bedroom.
Brampton finished ninth for average monthly rent in April for a one-bedroom at $2,075 and 13th for average monthly rent for a two-bedroom at $2,442.
Year over year, average monthly rent in April for a one-bedroom in Brampton was up 28.1 per cent and up 26.8 per cent for a two-bedroom.
Oshawa finished 19th for average monthly rent in April for a one-bedroom at $1,808 and 21st for average monthly rent for a two-bedroom at $2,110.
Year over year, average monthly rent in April for a one-bedroom in Oshawa was up 9.8 per cent and up 12.3 per cent for a two-bedroom.
Oakville was not included on the list, but average monthly rent in April for a one-bedroom home was $2,588, and average monthly rent for a two-bedroom was $3,719.
Markham was also not on the list, but average monthly rent in the city in April for a one-bedroom was $2,192, and average monthly rent for a two-bedroom was $2,398.
Richmond Hill was also not included among the 35, but average monthly rent in the city in April for a one-bedroom home was $2,059, and average monthly rent for a two-bedroom was $2,403.
Will the construction of new housing units bring down rent rates?
The three medium-sized GTA markets at the top of the list for rising rents had average rents exceeding 30 per cent year over year – Scarborough at 31.9 percent, Brampton at 31.2 per cent and Markham at 30.3 per cent. All three have been affected by high levels of immigration.
Oakville was the most expensive medium-sized market in Canada in April for condo rentals and apartments with average monthly rents at $3,413.
Average monthly rents increased the most in Ontario at 29 per cent for condominium rentals and apartments compared to the pandemic low in April 2021.
Provincially, average rent in Ontario increased the highest by 16.7 per cent in April to $2,421 for purpose-built and condominium apartments.
Shaun Hildebrand, president of Urbanation said: ““Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration. Tenants that signed leases during the pandemic may be facing rent increases of 20 per cent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”
