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Oakville is the most expensive place to rent in Ontario

According to the last website price report Rentals.ca for January 2022, the town of Oakville is now the most expensive municipality for rental housing in all of Ontario – and the second most expensive in all of Canada.

The report, called the January 2022 Rent Report, calculates the average cost of rental accommodation for every municipality in Canada based on tens of thousands of rental listings, ranging from studios to full homes.

In the report, the average listing price in Oakville is the highest in the entire province of Ontario. Second nationally only to Vancouver, British Columbia, in terms of ranking municipalities by highest cost, the report states, “Oakville had the second highest average rent at $2,473 per month – a 9.9% annual increase from its December 2020 average of $2,251 per month.”

Oakville’s average cost of just under $2,500/month to rent (not including insurance or utilities) is nearly $200 more per month than the second-highest average price in Ontario . Oakville’s average price has also nearly doubled over the past nine years, from when it was only $1,420 in April 2013.

Top 5 most expensive rental markets in Ontario (Dec 2021, average rental cost):

  1. Oakville – $2,473/month
  2. Vaughan – $2,278/month
  3. Toronto – $2,266/month
  4. Etobicoke – $2,171/month
  5. Markham – $2,144/month

The average costs calculated in this report take into account the average of single-family homes, townhouses, rental apartments, condominium apartments and basement apartments in each municipality.

London is Ontario’s cheapest city for rental accommodation, currently at an average of $1,752/month. Even there, prices are exploding at an unsustainable rate, with prices rising more than 70% in the past three years alone.

Below is a table showing the average rental prices for most municipalities with populations over 200,000 in Canada (excluding the Atlantic Provinces, which would only include Halifax) and the comparing to Oakville:

According to the same report, “the average rent for all Canadian properties listed on Rentals.ca in December was $1,789 per month, up 3.8% per year.”

One way to see just how out of control Oakville rental prices have gotten is to look at what percentage the average rental cost has changed since last year. Instead of the recommended 2.2%, Oakville prices rose 9.9% from the same price last year.

Even with lower prices in December 2020 due to the pandemic (when the average rent was $230 less per month), Oakville last year was actually the most expensive place to rent in all of Canada.

The discoveries of the Canada Mortgage and Housing Corporation (CMHC) corroborate these figures, with their latest rental market report citing a low vacancy rate and “rent growth far exceeding Ontario’s rent increase guideline of 2.2% per year.”

CMHC also says high costs mean “fewer tenants have become homeowners” over the past year. “Fewer renters could afford median-priced homes since the last survey in January 2021.” More details will be shared in CMHC’s next report due out in early February.

To note: A detailed breakdown and further analysis of this report can be read online at this link here. Additional files for this story are from Canada Mortgage and Housing Corporation (CMHC).

Tyler Collins

Tyler Collins is Oakville News’ publishing assistant and arts reporter. He started with current affairs in 2016 and now specializes in news and current affairs, film, theater and entertainment.

Read more by Tyler Collins

January 20, 2022

09:00