Rents in Burnaby have skyrocketed in the past year, making the city one of the most unaffordable in all of Canada.
That’s according to the Rentals.ca and Bullpen Research & Consulting latest National Rent Report.
Burnaby finished third on the list for average monthly rent in February for a one-bedroom home at $1,979 and sixth for average monthly rent for a two-bedroom at $2,398.
Year over year, average monthly rent in February for a one-bedroom in Burnaby was up 16.8 per cent and up 7.6 per cent for a two-bedroom, according to the report. Month over month, average rent in Burnaby was up 7.2 per cent for a one-bedroom and up 0.9 per cent for a two-bedroom.
The average rent for all Canadian properties listed on Rentals.ca in February was $1,820 per month, an increase of 6.2 per cent annually,
National average monthly rents hit a high of $1,954 in August 2019, then during the worst of the COVID-19 pandemic declined to a low of $1,676 in April 2021 before coming back to the low $1,800s at the beginning of this year.
Vancouver topped the list of 35 cities for average monthly rent in February for a one-bedroom home at $2,239 and for average monthly rent for a two-bedroom at $3,050.
Year over year, average monthly rent in February for a one-bedroom in Vancouver was up 14.7 per cent and up 17.6 per cent for a two-bedroom. Month over month, average rent in Vancouver was up 3.5 per cent for a one-bedroom and up 1.6 per cent for a two-bedroom.
Vancouver has the highest year-over-year change in average monthly rents for condo rentals and apartments, increasing by 23 per cent in February. Victoria is close behind with an annual increase of 22 per cent to $2,106 per month. Vancouver and Victoria experienced annual rent declines of 6 per cent and 4 per cent respectively in February 2021. At $2,661 on the list of 20 cities, Vancouver also had the highest monthly rents in February for condo rentals and apartments.
Average rent per-square-foot for condo rentals in Vancouver in February was $3.84, up from $3.32 in January 2021, while the average rent per-square-foot for apartments in February was $3.67, up from $3.18 in January 2021.
British Columbia had the highest monthly average rental rates at $2,253. Average monthly rents increased 15.3 per cent year over year in British Columbia.
