Oshawa well down the GTA list for rent increases in May but still above national average

By

Published June 12, 2023 at 12:47 pm

Average asking rents in Oshawa rose year-over-year above the national average but were renter-friendly compared to the rest of the GTA.

According to figures from Rentals.ca and Urbanation’s latest National Rent Report, rates climbed 6.5 per cent in May, the lowest annual increase since December 2021. But average rent for all property types on the Rentals.ca network was still up 19 per cent over the past two years.

Month over month, average rents in Canada increased 0.6 per cent to $2,014.

Oshawa placed 21st on the list of 35 Canadian cities polled with average monthly rent in May for a one-bedroom at $1,836, and 23rd for average monthly rent for a two-bedroom at $2,082.

Year over year, average monthly rent for one-bedrooms in Oshawa was up 8.4 per cent and 9.5 per cent for two-bedrooms.

Average rents are expected to continue to move up with rising immigration and as buying a home becomes more expensive, said Rentals.ca CEO Matt Danison. “Higher rents are on the horizon with interest rates at a 22-year high, rising home prices and record immigration,” he said. “Gen Z could become the ‘Boomerang Generation’ moving back in with the parents or the ‘Roommate Generation’ splitting rent as it’s unaffordable for many Canadians to pay rent on their own. Governments at all levels need to come up with creative solutions to increase housing supply.” “The rental market is expected to heat up further as it enters the seasonal peak for demand during the summer months, driven primarily by an incoming surge in international students and continued deterioration in homeownership affordability as interest rates move higher again,” added Shaun Hildebrand, president of Urbanation.

 

Toronto finished second on the list for average monthly rent in May for a one-bedroom at $2,538 and third for two-bedrooms at $3,286. Year over year, average monthly rent in May for a one-bedroom in Toronto was up 17.5 per cent and 12.4 per cent for a two-bedroom.

Other GTA cities included Mississauga, which came in came in fourth for average monthly rent in May for a one-bedroom at $2,312 and fifth for a two-bedroom at $2,727; and Burlington, which placed sixth 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 Mississauga was up 19.2 per cent for both one- and two-bedroom units. In Burlington the average monthly rent in May for a one-bedroom in Burlington was up 12.7 per cent and 7.9 per cent for a two-bedroom.

Brampton came in 14th on the list for one-bedrooms ($1,969) and for two-bedrooms ($2,469). Year over year, average monthly rent in May for a one-bedroom in Brampton was up 27.1 per cent and 22.2 per cent for a two-bedroom.

The report also determined Vancouver is the most expensive Canadian big city with average rents of $3,137 for purpose-built and condo apartments in May while Oakville continued as Canada’s most expensive midsize market in May with an average rent of $3,373.

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 across all listings on the Rentals.ca Network for Canada. The data from the digital rental platform Rentfaster.ca data is incorporated into this report.

The report was written by Urbanation, a Toronto-based real estate research firm providing in-depth market analysis and consulting services since 1981.

indurham's Editorial Standards and Policies advertising