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Vital Signs: Affordable Housing

Rental market

The average rent for all two-bedroom units (including both occupied and vacant units) in Hamilton rose to $1,335 in October 2022, up 5% from $1,271 in October 2021. Rents for vacant (available to rent) two-bedroom units in Hamilton jumped 12% between June 2022 and June 2023 to an average cost of $2,298, and have increased over 40% from the pre-pandemic average of $1,639 in March 2020. Over the past decade, Hamilton rents for all units have risen 55% — more than double the 22% cost of living increase. Rents have increased in all areas of the city and across all unit types, with Ancaster, Dundas and the city core being the most expensive.

Canada Mortgage and Housing Corporation considers a rental market “healthy” when it has a vacancy rate of 3%. In 2022, Hamilton’s vacancy rate decreased to 1.9% overall (3.5% for two-bedroom units), the lowest rate since 2002. CMHC cites decreased home-buying by renters and increased student housing rentals as the main reason for this tightening.

All sources referenced with hyperlinks.  Additional information available at the CMHC Housing Market Information Portal.