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Burnaby single-family detached house prices jump 22% - skyrocket past Toronto's

Greater Vancouver areas included are West Vancouver, North Vancouver, Richmond, Langley and others
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Don't expect home prices in Burnaby to get cheaper anytime soon.

The numbers don't lie. 

According to the National House Price Composite in the Second Quarter of 2021, the median price of a single-family detached home in Burnaby was more than $1.7 million, coming in at $1,712,500, which is one of the highest in the country. 

Compared to the first quarter of this year, when the median price was $1,405,000, quarter two has seen a 21.9% increase. 

It's currently cheaper to live in Toronto than Burnaby, where the median price of a single-family detached home is $1,550,000. 

West Vancouver is the highest in Canada, being listed at a second-quarter median price of $2,650,000 while Vancouver is the second-highest at $2,350,000. 

If you can't get into the housing market in Burnaby, renting is not much cheaper. 

According to a report by Rentals.ca, Burnaby finished ninth on the list for average monthly rent in June for a one-bedroom home at $1,669 and fourth for average monthly rent for a two-bedroom at $2,243. Month over month, average rent for a one- and two-bedroom home in June are up slightly in Burnaby. 

The average rent in Canada increased for the second month in a row, rising to $1,721 per month after six straight months of decline. 

The average asking rent for all Canadian properties listed on Rentals.ca in June grew by 0.7% after rising 2% month over month in May, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.

“As the country begins to open, tenant demand is expected to pick up, and further growth will continue for the rest of 2021,” said a news release. “Expect even larger rent increases in 2022, when most COVID restrictions are lifted, offices are open, immigration is back to pre-pandemic levels and most classrooms are in session. On a national basis, large units continue to outpace small units in terms of rent growth as many tenants anticipate working from home longer, while others expect the move to remote work is permanent.” 

Vancouver continues to lead the list of 35 cities for highest average monthly rent for a one-bedroom home at $2,056 and for a two-bedroom at $2,765. 

Year over year, average monthly rent for a one-bedroom in Vancouver is up 3.5 per cent and 4.6 per cent for a two-bedroom. Month over month, average rent for a one-bedroom is up 3.8 per cent and average rent for a two-bedroom is us 0.2 per cent. 

The average property listed for rent on Rentals.ca in June in the Vancouver Census Metropolitan Area (CMA) was offered at $2,152, an annual decrease of 2.8 per cent, but $11 a month more than May.

- With files from Chris Campbell, Burnaby NOW

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