PadMapper just released its latest Canadian National Rent Report that analyzed hundreds of thousands of listings last month to examine median rent prices across the 24 largest cities in the country.
What it found was Burnaby rents breaking into the list of most expensive in Canada.
Burnaby ranked as the 3rd most expensive city to rent in the nation last month.
The price of one bedroom units in Burnaby grew 3.6% to a median of $1,720, while two bedroom units dropped 1.3% to $2,250.
Overall, 15 cities experienced a downward monthly rent price change, 5 upward, and 4 remained flat. As we head into the end of the year, it seems the general demand for rentals have continued to drop as the majority of the markets in this report saw prices on the decline.
The 2 most expensive cities continued their descend with Toronto one-bedroom rent down another 2.4% to $2,000 and Vancouver one-bedroom rent falling 1% to $1,980. Notably, Vancouver one-bedroom rent has not been this low since April 2017 when it was $1,940!
Top 5 Most Expensive Markets
1. 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 this city is down nearly 15%.
2. Vancouver, BC one-bedroom rent decreased 1% to $1,980, which is the lowest point it’s been since April 2017. Two-bedroom rent fell 1.5% to $2,710. Notably, two-bedroom rent in this city is down 15% since this time last year.
3. Burnaby, BC one-bedroom rent grew 3.6% to $1,720, while two-bedrooms fell 1.3% to $2,250.
4. Victoria, BC one-bedroom rent stayed stable at $1,650, while two-bedrooms dropped 3.5% to $1,910. Two-bedroom rent is up over 15% since this time last year.
5. Ottawa, ON saw one-bedroom rent decrease 0.7% to $1,490, while two-bedrooms remained flat at $1,790.