The Canadian Rent Report came out this week and it included more bad news for Burnaby renters.
Compiled by the website PadMapper, the report said that Burnaby had the largest one-bedroom monthly rental growth rate in the top-10 markets, up a whopping 5.1% from August and settling at $1,650. Two bedrooms, on the other hand, saw a 0.4% dip to $2,270.
Overall, 11 cities experienced an upward trend last month, 6 downward, and 7 remained stable, the report said.
Abbotsford had the largest one-bedroom rental growth rate in the nation last month, up 5.3%, while London rent took the biggest dip, down 2.9%.
Top 5 Most Expensive Markets
- Toronto, ON remained the most expensive city with one bedroom rent staying flat at $2,300. Meanwhile, two bedrooms jumped 4.9% to $2,990.
- Vancouver, BC one bedroom rent stayed flat at $2,200 while two bedrooms grew 3.6% to $3,200.
- Burnaby, BC
- Montréal, QC moved up one spot to become the 4th priciest city with one bedroom rent jumping 4.9% to $1,500 and two bedrooms growing 5.3% to $1,800.
- Barrie, ON dropped one spot to rank as 5th with one bedroom rent decreasing 3.4% to $1,400 and two bedrooms falling 5.2% to $1,470. Victoria, BC climbed one spot to become tied with Barrie as 5th with one bedroom rent increasing 0.7% to $1,400.