Burnaby's rental market is still on the upswing, according to a new national rankings report.
Rentals.ca's September 2023 list shows the city currently hosts the second-highest prices for one- and two-bedroom suites at averages of $2,700 and $3,411 respectively.
That's a 5.7 per cent monthly increase from August for one-bedrooms, but a 0.6 per cent dip for two-bedrooms.
However, it's a year-over-year uptick of 22.4 per cent and 21.2 per cent. Burnaby was second among a list of 35 major cities across Canada in both categories.
"While rent inflation in Canada remained exceptionally strong in September, most major markets experienced a slower annual rate of rent growth compared to recent months," said Shaun Hildebrand, president of Urbanation, in a statement on Monday, Oct. 16.
In fact, according to Rentals.ca., it costs the same, $3,411 on average, to buy a two-bedroom rental in Burnaby as it does on Toronto.
Vancouver maintains its title as the most expensive city to rent in Canada:
- $2,976 for one-bedroom units
- $3,908 for two-bedroom units
Average asking rents in B.C. were the highest among all provinces at $2,656, Rentals.ca's report states.
Nationally, the average cost for a one-bedroom suite is $1,889 and $2,342 for a two-bedroom.
Meanwhile, Burnaby's real estate market saw a dip in prices last month.
The benchmark price for residential properties hit $1,179,500 in September for Burnaby East (-1.3 per cent compared to August 2023), $1,014,400 in Burnaby North (-0.5 per cent) and $1,127,600 in Burnaby South (-0.9 per cent).
Single family detached homes hit a benchmark of $1,861,600 in Burnaby East (-3.2 per cent), $2,048,900 in Burnaby North (+0.1 per cent) and $2,197,100 in Burnaby South (-2.3 per cent).
Metro Vancouver sales totalled 1,926 in September, a 13.2 per cent increase from the 1,701 sales recorded in September 2022, but 26.3 per cent below the 10-year seasonal average.
