The COVID-19 pandemic continues to have varying impacts on the local rental market.
PadMapper just released its latest Canadian National Rent Report, which analyzed hundreds of thousands of listings last month to examine median rent prices across the 24 largest cities in the country.
In it, Burnaby ranked as the 3rd most expensive rental market in the nation last month with the prices of one and two bedrooms settling at medians of $1,710 and $2,300, respectively.
Notably, the price of one bedrooms in Burnaby is up 8.9% since this time last year.
In other rental news, at least 1.5 million Canadians have moved back in with their parents, according to a national survey by Finder.com.
The findings, released July 21, could have ramifications for the multi-family rental sector, since the vast majority of those moving or planning to seek shelter at home are renters.
Survey results reveal an estimated 2.8 million, or nearly one in every 10 Canadians, have seen their living situation change due to the COVID-19 crisis.
Approximately one million Canadians (4%) said they are thinking of moving in with family.
Of those moving, by far the biggest group comprises grown adults moving back in with their parents. About 1.5 million Canadians have said they have moved home due to the COVID-19 crisis, and 860,917 parents have said their kids have already moved back in.
Members of Canada’s youngest generation (aged 18 to 24) are most likely to have already moved home (13%), with men 21% more likely to move in with their parents as compared with women. They’re also 141% more likely to be contemplating moving home.
The provinces hit hardest by COVID-19, or with higher costs of living, saw the most moves, with Ontario, Quebec and B.C. in the top spots. Ontario is the epicentre of Canada’s ‘generation boomerang,’ with 10% of people in the province saying they’d moved back in with their parents or had adult children move home with them.
In British Columbia 10% of those surveyed said they are experiencing a change in their living situation and another 5% are thinking about it.
- With files from Business in Vancouver