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Rental prices continue to fall in Burnaby, new report says

Burnaby's average prices are still among the top three in Canada.
metrotownrentalsskytrain
The skytrain passes rental buildings in Metrotown on Oct. 12, 2024.

Rental prices in Burnaby are still averaging more than $2,000, but they're also continuing to fall, according to a new report

Rentals.ca says a one-bedroom rental in Burnaby averaged $2,367 in February, a 3.6 per cent drop compared to February 2024. 

A two-bedroom also saw a drop, falling to $2,986, equating to a three per cent decline compared to last year's average.

The prices in Burnaby were ranked as the second highest prices in the country, with only Vancouver being more expensive at $2,518 for a one-bedroom and $3,442 for two bedrooms. 

Provincially, meanwhile, British Columbia still has the highest rates in Canada with a total average price of $2,457. 

Asking prices hit $1,916 for a studio, $2,190 for a one-bedroom, $2,742 for a two-bedroom and $3,430 for a three-bedroom.

The report says three-bedroom rentals have risen 1.5 per cent year over year to $3,420.

Nationally, rental prices dropped 4.8 per cent to $2,088 compared to February 2024.