Hey Real Estate Investors! Here are the Rental Stats for Hamilton and St. Catharines October 2020
The rental numbers are in for October 2020 and wow what a difference over 2019! As Investors are thinking about where to invest in 2021 and beyond, we are anticipating more growth outside the 416. We have included average house prices for perspective. Hamilton: Average 1 Bedroom: $1280 down 5.2% MoM and down .8% YoY Average 2 Bedroom: $1620 up 1.2% MoM and up 8% YoY
Average House price September 2020 - $604,632
St. Catharines: Average 1 Bedroom: $1300 no change MoM and up 3.2% YoY Average 2 Bedroom: $1550 up 3.3% MoM and up 3.3% YoY
Average House Price in St. Catharines October 2020 is $459,300
Toronto: Average 1 Bedroom: $2000 down 2.4% MoM and down 14.9% YoY Average 2 Bedroom: $2650 no change MoM and down 11.7% YoY
St. Catharines and Hamilton rents have been very close in recent months, with St. Catharines average 1 bedrooms now listing slightly higher than Hamilton. As we enter the colder months, there is seasonality in rental cycles which may be reflected in Hamilton's decline though we are still seeing high demand for rentals in the area.
Hamilton, ON One-bedroom rent experienced the biggest monthly decline, falling 5.2% to $1,280. This city also dropped 2 rankings to become the 13th most expensive market.
Toronto, ON saw one-bedroom rent drop 2.4% last month to settle at $2,000, while two-bedrooms remained flat at $2,650. On a year-over-year basis, one-bedroom rent in Toronto is down nearly 15%.