PadMapper just released its latest Canadian National Rent Report and it has Burnaby on a dubious list.
Burnaby ranked as the 3rd most expensive city to rent in the nation last month.
The price of one bedroom units in Burnaby fell 2.9% to a median of $1,670, while two bedroom units dropped 3.6% to $2,170.
Residential rents in Burnaby and beyond will drop early in 2021, but then rise about three per cent, according to another new real estate report.
The latest National Rent Report by Rentals.ca said Burnaby came in 10th in all of Canada for average monthly rent in November for a one-bedroom home at $1,661 and sixth for average monthly rent for a two-bedroom at $2,160.
The average monthly rent for all Canadian properties listed on Rentals.ca in November declined 9.1 per cent annually to $1,743, making a 180-degree turn when compared to an increase of 9.4 per cent this time last year, according to Rentals.ca and Bullpen Research & Consulting’s latest National Rent Report.
“Bullpen Research & Consulting and Rentals.ca is forecasting rents will increase 3 per cent annually in Canada in 2021,” said a news release. “Rents will continue trending downward in the first half of 2021 but start a slow recovery in the second half of 2021.”