Oakville Asking Rent Down $710 per Month vs. Last April
Average asking rents in Oakville, Ontario have plummeted 19% year-over-year, according to data from Zumper.com.
In April 2023, the average asking rent in Oakville was $3350 per month, and it is has since fallen to $2460 per month as of April 2024.
Asking rental prices in Oakville peaked at $3800 per month in Sep 2022, and have been on a decline ever since.
Rent Declines Are The Most Pronounced for Two-bedroom Units, Down 28% Year-over-Year
Two-bedroom units in Oakville have seen the largest drop in asking rent, down 28% from a year ago, now sitting at $2,286 /month.
In April 2023, these units were being offered at an average price of $3000 per month – a $714 /mo decrease.
Similar Trend Across the Greater Toronto Area
Rent across the Great Toronto Area are all experiencing similar declines in asking prices:
- Toronto average asking rental prices are down $400 per month from their peak at $3000 per month in mid-2023
- Mississauga average asking rents are down $300 per month from a high of $3000 per month in late 2023.
Toronto Area Rents Decreasing while Canadian Rents Increase
On the national stage, Toronto rental price declines are an anomaly.
Rental prices in Canada continue to surge, up 10.5% year-over-year according to Rentals.ca data.
