This is perhaps a nation-wide city ranking you wouldn’t want to see your city listed in.
A national rent report created by Rentals.ca and Bullpen Research & Consulting shows that in terms of the average rental price for a one-bedroom home in Burnaby, the city ranks just five places behind Vancouver. Looking at the month of February 2021, the report charts and analyzes trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for 35 cities across Canada.
On a national level, the average rent in February was $1,714 per month, down six per cent from $1,823 in February of last year. The market hit a high of $1,954 in August 2019 but steadily declined -- likely due to the coronavirus (COVID-19) pandemic and ensuing lockdowns.
Market to rebound
However, the report points out that with the rolling out of COVID-19 vaccines, the easing of lockdown conditions, employees going back to work, and an improvement in consumer confidence the rental market will likely rebound in the next few months.
The report found that Vancouver remains the most expensive city for renters looking for one and two-bedroom homes with average monthly rents at $1,891 and $2,568 respectively.
Taking spots two through five are Ontario cities Toronto, Burlington, Mississauga, Etobicoke. But B.C. returns in sixth place with Burnaby showing an average monthly rent in February for a one-bedroom home at $1,693. Burnaby also placed third for average monthly rent for a two-bedroom at $2,189.
Renters may seize an opportunity
Richmond came in 10th for average monthly rent for a one-bedroom at $1,636 and for average monthly rent for a two-bedroom at $2,010. Victoria just missed a top 10 finish with an average monthly rent for a one-bedroom home at $1,564, placing the city in 13th place.
Despite the rental market as a whole experiencing that 6 per cent decline, the report posits that many tenants are considering moving and taking advantage of the cheaper rates.
“The number of page views on Rentals.ca have increased substantially. Online page views in the first two months of 2021 are up 48 per cent over the final two months of 2020. Fear of COVID-19 might have prevented some would-be renters from moving. Now, many tenants have decided that they can no longer put their life on pause and are perhaps starting to see the cheaper rental rates as an opportunity,” the report states.
