Rental prices stayed steady last month in Oakville, Burlington
Published April 12, 2024 at 2:01 pm
The cost of renting a home in both Burlington and Oakville stayed relatively steady in March.
This went against the national trend that saw average asking rents for all property types in Canada increase 8.8 per cent in March, reaching $2,181 according to Rentals.ca and Urbanation’s latest National Rent Report.
While still showing substantial growth, this indicates some moderation from the 10.5 per cent annual increase recorded in February. Moreover, rents saw a 0.6 per cent month-over-month decrease in March, which can be partly attributed to seasonal factors and a recent slowdown in rental demand in Canada’s most expensive markets.
“The March data showed early signs of rent increases easing at the national level, weighed down by recent declines in key markets in Vancouver and Toronto,” said Shaun Hildebrand, President of Urbanation.
“As population growth slows, with caps on non-permanent residents, and supply increases, as rental completions continue to rise, rent growth should continue to moderate towards more sustainable levels.”
Purpose-built rental apartments saw a 12.7 per cent year-over-year increase, averaging $2,117 in March. In contrast, condominium rental apartments experienced a slower growth rate, with a 3.9 per cent annual increase, reaching an average of $2,321. This divergence in growth rates can be attributed to factors such as record-high condominium completions in certain markets.
In Oakville in March, the average cost of a one-bedroom was $2,299, fourth highest in the country, up 1.4 per cent over last month, but down 0.6 per cent over last year. For a two-bedroom, the cost was $2,727, up 1.6 per cent over February, but down 5.5 per cent, year-over-year.
Burlington sits at ninth in Canada, with the average one-bedroom on the market at $2,145, down 2.2 month-over-month and down 1.6 per cent year-over-year. A two-bedroom is at $2,589, down 0.1 per cent month-over-month and up one per cent, year-over-year.
You can see the full report here.
