One-bedroom rental prices in Oshawa fall; two-bedrooms spike

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Published March 14, 2023 at 12:25 pm

Renters looking for one-bedroom units in Oshawa found some bargains last month with prices dropping a sizeable 4.3 per cent this year than they did a year earlier.

The average one-bedroom unit rent in Oshawa fell to $1,670/month in February, a slight 0.7 per cent decrease from January.

Two bedroom units didn’t fare as well, climbing 3.7 per cent month-over-month and a whopping 15 per cent year-over-year to $2,123 a month.

Oshawa was ranked 21st nationally, with the national average for one-bedrooms at $1,670 and $2,039 for two-bedroom units, up 12.1 per cent and 13.8 percent, respectively.

Vancouver rentals were the highest in the country at $2,460 (one-bedroom) and $3,632 (two-bedroom), followed by Toronto, Burnaby, Oakville and Burlington.

Ontario led the country in annual rent inflation during February with a 16.2 per cent growth rate for apartments year-over-year, followed by Alberta (14.5 per cent) and British Columbia (11.4 per cent).

Over the past three months, rents increased the most in Quebec (+2.9 per cent) and Ontario (+1.0 per cent), while all other provinces recorded three-month rent declines for purpose-built and condominium apartments.

Asking rents in Canada averaged $1,845 for apartments and $2,260 for condos in February, with evidence of some “softening” in the market related to reduced affordability in the rental market, a recent improvement in home-buying demand, and an increase in new supply from apartment completions.

With files from Don Redmond

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