The average rent for all Canadian properties in October increased .7 per cent month over month to $1,782, after four months of almost no change, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
And in Burnaby, rents in two categories continue to be among the highest in the nation.
Burnaby finished ninth for average monthly rent in October for a one-bedroom home at $1,648 and sixth for average monthly rent for a two-bedroom at $2,247.
Year over year, the average rent for all property types listed on Rentals.ca in the country is still down by 8.1 per cent in October. But that’s an improvement over September’s annual decline of 9.5 per cent.
“The average rent in Canada trended up in October, which we partially attribute to an increase in new purpose-built rental apartment listings,” said Matt Danison, CEO of Rentals.ca. “We continue to see an increase in listings nationally, which tells us that supply is outpacing demand. This market imbalance suggests soft rental market conditions will continue for the rest of the year.
Vancouver finished first on the list of 35 cities for average monthly rent in October for a one-bedroom home at $2,712 and third for average monthly rent for a one-bedroom at $1,901. Year over year, average monthly rent in Vancouver was down 4.3 per cent for a one-bedroom and 8 per cent for average monthly rent for a two-bedroom.
Richmond came in eighth for average monthly rent in October for a one-bedroom home at $1,671 and for average monthly rent for a two-bedroom at $2,126.
New Westminster came in 15th for average monthly rent in October for a one-bedroom home at $1,565 and 13th for average monthly rent for a two-bedroom at $2,021.
Victoria finished 16th for average monthly rent in October for a one-bedroom home at $1,561 and 10th for average monthly rent for a two-bedroom at $2,058.
As several of Canada’s major cities see declining rental rates, other secondary markets are seeing rents increase. Demand is down and supply up overall, but demand is shifting geographically.
“The rising rents in several smaller municipalities, as well as the significant increase in web traffic on Rentals.ca in Ontario suggests many prospective tenants are widening their search area when looking for a rental property,” said Ben Myers, president of Bullpen Research & Consulting, “With many choosing to go back to where they grew up or attended university to avoid the lofty Toronto area rental rates.”
