Rents on the rise in Oshawa; Hamilton showing declines year-over-year

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Published June 6, 2024 at 4:22 pm

Average asking rents for all residential property types in Canada hit an all-time high of $2,202 in May, topping the $2,200 level for the first time.

Asking rents rose 9.3 per cent across the country in May from this time last year, maintaining the same annual growth rate as April and consistent with average annual growth of 9.1 per cent in the three post-pandemic years. With rent declines in 2020 and 2021 factored in the five-year average annual growth for rentals in Canada is at 4.7 per cent.

The numbers, prepared by Rentals.ca and Urbanation, varied across the country and the markets with some of the highest rents in Canada like Vancouver and Toronto experiencing declines in asking rent prices, with Vancouver’s average one-bedroom monthly price of $2,671 down 5.6 per cent year-over-year and two-bedroom rents of $3,628 down one per cent from 2023.

Rent prices in Toronto ($2,479 for a one-bedroom and $3,284 for a two-bedroom) followed a similar – albeit softer – pattern, down 2.3 per cent and 0.1 per cent year-over-year, respectively.

Rents in Oshawa and Hamilton, ranked 16 and 17 on the list, have almost identical rent averages but the ebb and flow of prices were quite different in each city over the past year.

The average one-bedroom home in Oshawa was up 3.4 per cent from last month and 2.6 per cent year-over year, while two-bedroom units were 3.7 per cent higher month-over-month and up 6.8 per cent from last year.

The average rent is Oshawa is $1,884 for a one-bedroom and $2,223 for a two-bedroom.

Hamilton’s rents declined 1.8 per cent month-to-month and 3.8 per cent year-over-year for one-bedrooms and 2.4 per cent month-to-month and 6.3 per cent year-over-year for two-bedrooms.

The average rent in Hamilton is $1,806 for one-bedroom units and $2,165 for two-bedroom homes.

All provinces recorded annual increases in apartment rents for purpose-built and condo rentals in May, with Ontario inching out a 0.6 per cent gain after recording a slight decrease in April, with rents now averaging $2,423.

Year-over-year, apartments showed the biggest gains, up 13.7 per cent across the country.

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