Burnaby's rental market is getting more expensive.
According to Rentals.ca's January report, a one-bedroom rental in the city averaged $2,450 last month — a 6.3 per cent increase from December — while a two-bedroom surpassed a $3,000 monthly rate.
At $3,077, an uptick of 3.7 per cent, that remains the third most expensive two-bedroom rent available anywhere in Canada.
Toronto is second with an average one-bedroom price of $2,457 and $3,215 for a two-bedroom.
Vancouver continues to hold the top spot at $2,596 for one-bedroom and $3,562 for two.
"The Canadian rental market is carrying strong momentum into 2023, driven by robust labour market conditions, record high population inflows, and generational lows for homeownership affordability," the report said.
"While the rental sector is projected to remain in an expansionary mode this year as demand factors remain supportive, more moderate rates of rent growth can be expected as the economy and employment begin to soften following the rapid rise in interest rates and as renters face affordability constraints after rents surged to record highs last year.
"Ongoing strength in population growth and suppressed first-time home buying activity will be supportive of the rental market this year, although a more than 40-year high anticipated for rental completions in 2023 will help to temper further rent increases."
Provincially, B.C. continues to hold the highest rent averages in the country at $2,165 for one-bedroom, $2,837 for two and $3,298 for three.
While rents continue to increase, the housing market is still seeing a decline.
The Real Estate Board of Greater Vancouver's (REBGV) December report said 28,903 homes were sold last year across the region, which marks a 34.3 per cent decrease from 2021 when there were 43,999 recorded sales.
Last year's numbers were also 13.4 per cent below the 10-year sales average.
Locally, a residential property in Burnaby East last month recorded a benchmark price of $1,082,300 (-2.3 per cent compared to November 2022), $965,300 in Burnaby North (-1.7 per cent) and $1,057,400 in Burnaby South (+0.2 per cent).
Single-family detached hit a benchmark price of $1,675,400 in Burnaby East (-5.1 per cent), $1,889,600 in Burnaby North (-1.7 per cent) and $2,038,900 in Burnaby South (+0.5 per cent).
Townhouse prices also dropped in two of the three REBGV Burnaby areas with Burnaby East at $854,000 (-0.3 per cent), Burnaby North at $860,800 (-0.1 per cent) and Burnaby South at $948,300 (+0.4 per cent).
Areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.
