Unaffordable rents for average hard-working Oakville residents are evident in October's rental statistics report, recently published by Rentals.ca and Urbanation's latest National Rent Report.
The rental market in Oakville experienced a significant increase in average monthly prices in October 2023. According to the National Rent Report, the average monthly rent in Oakville has now reached $3,008, representing a 17.9 per cent year-over-year increase.
This makes Oakville the most expensive small to mid-sized market in Ontario and the fourth most costly nationally. The report also reveals that the most expensive market in Canada is North Vancouver, with an average rent of $3,360.
In Oakville, the average rent for a typical one-bedroom apartment rose sharply to $2,524, reflecting a 19.7 per cent increase compared to the previous year. For two-bedroom apartments, the average rent increased by 23.5 per cent, reaching $3,370.
These significant increases demonstrate the growing demand and a lack of inventory for rental properties in Oakville.
Nationally, the average rent across Canada reached $2,178, representing an 8.8 per cent increase from the previous year. This upward trend was led by Vancouver, where rental prices experienced the highest growth. Ontario, driven by Toronto and the Greater Toronto Area (GTA), also saw significant increases in rental prices.
However, in Toronto specifically, there was a slight decline in asking rents for apartments, with a 0.8 per cent year-over-year decrease to $2,908. Despite this decline, prices in Toronto increased by 0.2 per cent month-over-month. On the other hand, Vancouver experienced a month-over-month decline of 3.7 per cent in rental prices.
For those interested in sharing an apartment in Toronto, the average asking price is $1,068. This option may provide more affordable housing for individuals looking to reduce rental costs in the city.
The National Rent Report gathers data and analyzes monthly, quarterly, and annual rates and trends in the rental market across all Rentals.ca Network for Canada listings.
The report incorporates data from Rentfaster.ca, a digital rental platform, to provide comprehensive insights into the rental market at various national, provincial, and municipal levels.