Demand for rentals show some rebound heading into summer, though renter demand has shifted away from big, pricey cities as Toronto and Vancouver experienced another record month of declines.
Meanwhile, Burnaby ranked as the third-most expensive rental market in the nation last month with the prices of one and two bedrooms settling at medians of $1,690 and $2,300, respectively, according to the rental tracking site Padmapper.
Notably, the price of one bedrooms in Burnaby is up 7.6% since this time last year.
The full report and discussion can be found here: https://blog.padmapper.com/canadian-rent-trends
The average monthly rent for all Canadian properties listed on Rentals.ca was $1,770, down the third month in a row in June - this time by 2.4 per cent - according to Rentals.ca and Bullpen Research & Consulting, which produced the latest National Rent Report.
The COVID-19 pandemic continues to put downward pressure on the rental market nationally, with rent declining 9.4 per cent in June, and average monthly rents decreasing in April, May and June.
In Burnaby, however, rents were up both monthly and annually.
Year over year, average monthly rents for one- and two-bedroom units are down in Toronto, Vancouver, Calgary, Edmonton, Winnipeg, Saskatoon and Regina, while they are up annually in Montreal, Ottawa, Halifax, London, Kitchener and Victoria.
Vancouver finished fourth on a list of 33 cities for average monthly rent in June for a one-bedroom home at $1,987 and second for average monthly rent for a two-bedroom at $2,644, just $40 below Toronto.
