Oakville rental rates continue to rise despite falling prices across the country

By Gene Pereira

Published on July 15, 2022 at 4:49 p.m.

Overall rental prices in Oakville have climbed 9.57% since last June, according to Rentals.ca. INSAUGA PHOTO

While average rent prices for Canadians were down in June, Oakville residents are still paying more to find a home.

According to data composed by Rentals.ca, the average rent for all Canadian properties listed by the rental site was $1,885 per month in June. That’s down $3 from May or down 0.2% month-over-month.

Currently in Oakville, a one-bedroom residence will cost $2,073. That’s 3.08% above the price local residents were paying for rent in May. Overall, prices are up 9.57% since this time last June.

Prices have risen slightly for a two-bedroom unit in Oakville. The average cost is $2,467, up 0.9% from May. This is up 2.45% compared to the same period last June.

Oakville’s rental market is listed as the fourth most expensive in Canada. Only rental prices in Vancouver, BC ($2,412, $3,597), Toronto, Ont. ($2,192, $3,115) and Richmond, BC ($2,144, $2,703) are higher.

Compared to last June, the average rent in Canada increased by 9.5% per year, but decreased by 3.5% compared to June 2019.

The most expensive rental properties are single-family homes, with owners asking an average of $2,893 per month in June 2022, compared to $2,245 per month for condominium apartments and $1,685 per month for rental apartments.

Rental apartments typically make up about 55% of listings on Rentals.ca, while condominium apartments for rent make up about 25%, suggesting that rental apartments best represent general conditions in the national rental market.

Single-family homes (single-family and semi-detached) saw an annual increase in average rent between June 2021 and June 2022 of 13.2% annually.

Condominium apartments also experienced a notable increase, increasing by 10.5% per year.

The data used in this analysis is based on monthly listings from Rentals.ca.

Data includes single-family homes, semi-detached homes, townhouses, condominiums, rental apartments, and basement apartments (outlier listings are removed, as are single bedroom rentals).

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