Rents on the rise in Canada, though increases in Oshawa more modest than most

Average monthly rents have surpassed $2,000 in Canada with no signs of slowing down, according to the Rentals.ca and Urbanation latest National Rent Report.

Average rents rose 12.4 per cent year over year in November for all property types to $2,024, increasing 2.5 per cent from October and up 4.9 per cent in the last three months.

Average rents have increased 10.5 per cent in Canada over the pre-pandemic average three years ago in November 2019, and renters who have moved are paying an average monthly rent $224 higher than last year.

“Rents in Canada are rising at an exceptionally high speed, which is having a profound effect on housing affordability as interest rates continue to rise,” said Shaun Hildebrand, president of Urbanation. With the most expensive cities experiencing very low supply and the fastest rates of rent increase, regions with high population growth are seeing demand shift into more affordable areas.”

But while rent for one- and two-bedroom units in Toronto (#2 on the list) have soared 23 and 20.7 per cent respectively (to $2,532 and $3,347), and rents in Oakville (#4) have gone up 12.9 and 17.7 per cent (to $2,156 and $2,732), Oshawa’s rent hikes have been far more modest (at least for one-bedroom units).

Oshawa came in 20th on the list for average monthly rent in November for a one-bedroom at $1,760 and 22nd for average monthly rent for a two-bedroom at $2,054.

Year over year, average monthly rent in November for a one-bedroom in Oshawa was up just 1.9 per cent but up 20.9 per cent for a two-bedroom.

Among medium-sized markets, purpose-built and condominium rents rose the highest over the past year in several Greater Toronto Area (GTA) cities and areas, including Brampton (up 28 per cent to $2,430), North York (up 25.8 per cent to $2,470), Etobicoke (up 24.5 per cent to $2,568), Scarborough (up 22.9 per cent to $2,301) and Mississauga (up 19.2 per cent to $2,452).

Two markets west of the GTA also recorded strong rent increases in November, with London and Kitchener rents up 27.9 per cent to $2,012 and 24.1 per cent to $2,159, respectively. Outside of Ontario, the fastest growing medium-sized municipalities were Halifax (up 24.2 per cent to $2,201) and Burnaby (up 23.6 per cent to $2,814).

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.