Despite the two most expensive rental markets hitting record lows this month, Burnaby’s rental costs aren’t too far off with a recent report finding the city has the third most expensive rental market in Canada.
PadMapper’s latest Canadian National Rent Report finds the cost for one-bedroom apartment in Burnaby rent dropped 1.2 per cent to $1,660 a month, while two-bedroom rents grew 0.5 per cent to $2,200. The next highest rental costs belong to Toronto with a one-bedroom apartment fetching for $1,750/month and while two-bedrooms at $2,350/month.
According to a Canadian Rent Report, four B.C. cities landed in the top 10 most expensive places to rent. By PadMapper Vancouver takes the top spot though with a one-bedroom apartment and two-bedroom apartment carrying a $1,900 and $2,630 price tag respectively. The report found the two top cities are the last in Canada to still be experiencing record low rents, hitting numbers not seen since March of 2017.
For the rest of Canada rents seem to have stabilized as the earlier pandemic months of nationwide double-digit year-over-year declines have passed.
Moving into fourth place behind Burnaby is another B.C. city, Victoria. The Vancouver Island hub moved up from fifth with one-bedroom rent increasing 1.9 per cent last month to $1,600 and two-bedroom rent growing 0.5 per cent to $2,000.
For a more detailed breakdown of 24 other cities across the country visit PadMapper’s website to see the full report.
