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Hamilton Spectator
14-05-2025
- Business
- Hamilton Spectator
Rents in Hamilton remain ‘well beyond the reach' of some tenants
Average rent for an apartment in Hamilton jumped slightly in April, but new tenants were still paying somewhat less than they would have for vacant units last spring. One-bedroom units cost new renters an average of $1,831 in April — the first monthly price increase of the year , according to a national rent report from property listing service . The average rental price for a one-bedroom apartment had held steady at $1,720 per month for January, February and March. The report noted the increase seen in April was 'consistent with typical seasonal trends,' as fewer tenants move over the winter. While the average asking rent has jumped by $111 compared to March, new tenants are still looking at paying roughly $9 less than they would have in April 2024, when that same kind of unit would have rented for $1,840. The average rent for a vacant two-bedroom unit in the city was $2,182 last month, $85 more than in March and $36 less than in March 2024, when the same type of unit cost $2,218. While rents remain much higher than those offered before the pandemic, the growth of rental rates in Hamilton stabilized over the last several months, matching trends in other cities across Canada, according to the report. Hamilton ranked 30th in rental costs among the 60 Canadian communities included in the report — a notable jump from 39th place in March. Rental rates in the city remain well below both the national and provincial averages, according to the report. Tom Cooper, director of the Hamilton Roundtable for Poverty Reduction, said while rents in the city are not the highest in the region, they remain 'well beyond the reach' of those living on fixed incomes such as Ontario Works (OW) and Ontario Disability Support Program (ODSP). 'That's one of the reasons we've seen such an increase in homelessness in the city over the last few years,' Cooper said in an interview. 'People are being economically evicted simply because there aren't enough financial resources to pay market rents.' But even with asking rents stabilizing, Cooper noted residents are facing other financial pressures, such as the rising cost of groceries and other essentials — a situation made even more volatile with the ongoing trade war waged by the United States. 'It's making for an impossible situation,' said Cooper. 'People are going to be spending more on other items, so there is less leftover for housing, which only adds to those pressures.' During the past five years, the average rent for a one-bedroom apartment in Hamilton has at times surpassed $1,900 per month, while the rent for a two-bedroom unit has reached heights of more than $2,300 per month. With rental rates having declined, Cooper said that could be a sign the local market has hit its ceiling on what tenants in the city are able and willing to pay — at least for now. 'Maybe we've reached that pinnacle for the time being,' said Cooper. 'But it doesn't mean those are sustainable situations, given the percentage of income people are paying toward housing.' April represented the seventh month in a row that the average rent across the country has dropped on an annual basis, with asking rates down nearly three per cent from April 2024. Meanwhile, national rental rates were up just slightly monthly, with growth of less than half a per cent from March, according to the report. Despite the slowdown in rent growth, average asking rents across Canada have grown by 28 per cent since pandemic lows seen in April 2021, noted the report. Four years ago, the average one-bedroom apartment in Hamilton rented for $1,405, while a two-bedroom unit went for $1,863 per month, according to a past report . Some neighbouring communities continue to outpace Hamilton when it comes to rental rates, while nearby cities are more affordable, according to the report. In Burlington, the average monthly rate of a one-bedroom apartment was $2,198 last month, while two-bedroom units cost $2,576. In Guelph, the average price of a one-bedroom apartment was $2,057 last month, while the rent for two-bedroom units was $2,383. Meanwhile, in London, a one-bedroom unit rented for an average of $1,751 and a two-bedroom apartment went for $2,155 per month. And in Brantford, the average price of a one-bedroom apartment was $1,781 last month, while the rent for a two-bedroom unit was $2,006. 's latest rankings, analyzed and written by residential real estate research firm Urbanation, are the average of all monthly listings from and . They include basement apartments, condos and units in single-detached homes.
Toronto Sun
08-05-2025
- Business
- Toronto Sun
Average asking rents down annually for seventh straight month at $2,127: report
Published May 08, 2025 • 1 minute read The sun reflects off of condominiums in the city of Toronto, Thursday June 13, 2024. TORONTO — The national average asking rent in April was down year-over-year for the seventh straight month at $2,127, marking a decrease of 2.8 per cent. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The latest data from and Urbanation says despite asking rents remaining comparatively lower than 2024 so far this year, April saw a month-over-month increase of 0.4 per cent from March, reaching a five-month high. Urbanation president Shaun Hildebrand says the rental market has shown some early signs of stabilizing, as renters are starting to take advantage of an improvement in affordability 'which is thanks to the record amount of new supply hitting the market.' The report says average asking rents in Canada are 6.2 per cent higher than they were two years ago. Purpose-built apartment asking rents declined 0.9 per cent from a year ago to an average of $2,105, while asking rents for condominium apartments fell 5.2 per cent to $2,210. Ontario recorded the largest rent decline in April, with asking rents falling 2.7 per cent to an average of $2,338, followed by Alberta's 1.8 per cent decrease to $1,716, Quebec's 1.7 per cent decrease to $1,976 and B.C.'s one per cent decrease to $2,483. Toronto Maple Leafs Columnists Soccer World Canada
