Photo by Jovydas Pinkevicius
While rental rates are up across Canada, prospective tenants looking to buy in Oshawa might be relieved to hear that unit prices are down from last month.
According to Rentals.ca and Urbanation’s latest National Rent Report, the price of a one-bedroom unit in the Durham Region city hit $1,863 in July, down 4.3 per cent from June.
The price of a two-bedroom unit also dropped a bit, falling 1.8 per cent to $2,200.
Some prices are also down year-over-year, with the average asking rent for a one-bedroom unit falling 1.7 per cent between July 2023 and July 2024. Asking rents for two-bedroom units rose year-over-year, climbing 2.3 per cent.
The report said that average asking rents for all residential property types in Canada increased by 5.9 per cent year-over-year last month, reaching an average of $2,201. While prices are up, the report said the rate of growth is the slowest it’s been in 31 months. Costs inched up just slightly–0.8 per cent–month-over-month across the country.
According to the report, rents for purpose-built and condominium rental apartments increased by 0.5 per cent in July, averaging $2,156. Apartment rents grew by 7.4 per cent from July 2023 until last month, driven by an 8.9 per cent rise in purpose-built rental rates, which now average $2,131.
Asking rents for condominium apartment rents saw a smaller increase of 1.9 per cent, averaging $2,334.
“As we move past the peak of summer, we’ve seen very little of the uplift typically expected with the warmer months,” said David Aizikov, senior analyst at Rentals.ca, in the report.
“However, as the weather cools and days become shorter, rental demand typically slows which may further slow market rent growth.”
While the average asking rent for a one-bedroom unit in Oshawa is just below $2,000, it remains more affordable than other GTA cities. The report indicates that tenants looking for one-bedroom units will pay about $2,443 in Toronto, $2,364 in Mississauga, $2,258 in Burlington and $2,075 in Brampton.
Vancouver remains the most expensive city for renters in Canada, with one-bedroom units costing an average of $2,761 per month.
The report indicates that Ontario is one of the few provinces where rent declined year-over-year, falling 1.5 per cent to an average of $2,396.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada. The data from the digital rental platform Rentfaster.ca is incorporated into this report.
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