Burnaby is the third most expensive place to rent in Canada, according to the PadMapper Canadian Rent Report.
The monthly report, released Tuesday, shows the median price to rent a one-bedroom apartment in Burnaby has increased to $1,430 per month – five per cent higher than last month and two per cent over last year.
This is the first time Burnaby has been included in the report.
“We realized this large city has been missing from our previous reports, so we have now added it and will continue to update on it in the coming months,” notes a press release.
The Canadian Rent Report, published by online rental listings site PadMapper, analyzes rental data from listings across the country and calculates the median rents for the top 26 most populated metropolitan areas in the country.
The title of most expensive city to rent a one-bedroom home this month goes to Toronto, which surpassed Vancouver by $20 at $2,020 – an increase of 2.5 per cent over December. (The median cost of a one-bedroom rental in Vancouver is $2,000.) Toronto also had the biggest jump year over year. The median price for a one-bedroom rental rose 15.4 per cent January 2017 to January 2018, according to the report.
Burnaby, meanwhile, saw the largest increase year over year for two-bedroom rentals. A two-bedroom rental in the city costs an average of $2,150 right now, up 15.6 per cent from last year, according to the report. (Last year’s numbers are not available for Burnaby as it was not included in previous studies.)
TOP FIVE MOST EXPENSIVE CITIES TO RENT IN CANADA
- Toronto: one bedroom – $2,020; two bedroom – $2,520
- Vancouver: one bedroom – $2,000; two bedroom – $3,200
- Burnaby: one bedroom – $1,430; two bedroom – $2,150
- Montreal: one bedroom – $1,310; two bedroom – $1,580
- Barrie: one bedroom – $1,260; two bedroom – $1,610
Source: PadMapper Canadian Rent Report
