That should be good news for Burnaby renters, but it’s not because while the national average dropped, local rents went up, according to the report.
Burnaby finished 19th of 38 cities listed for average monthly rent in February for a one-bedroom at $1,405 and eighth for average monthly rent for a two-bedroom at $2,249.
Burnaby bucked the trend of flat or decreasing rents month over month. Rent for a one-bedroom February over January was up 7.4 per cent and up 4.9 percent for a two-bedroom.
Vancouver finished sixth for average monthly rent for a one-bedroom home at $1,915 and tied for second with Kanata for average monthly rent for a two-bedroom at $2,798.
Vancouver's rents are flat month over month, but average monthly rent for a one-bedroom is up 8.3 per cent year over year and up 10.6 per cent for a two-bedroom.
Rents are up 15 per cent in Vancouver to $2,334 per month in February of this year from $2,025 in February 2019 for all property types.
Vancouver's annual asking rents increased 10 per cent year over year for rental apartments only in February.
Toronto led all 38 cities for average monthly rent for a one-bedroom home at $2,240 and a two-bedroom at $2,910.
Asking rents for rental apartments only in select Canadian cities for February showed Montreal with a 34% annual change in rent. Saskatoon had the largest annual decline at -17%.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada. This month's report charts rents for 38 cities across Canada.