Renters in Burnaby have some marginally good news to celebrate, according to the results of a new report released Thursday.
PadMapper has just released its latest Canadian National Rent Report, which analyzed hundreds of thousands of listings in September to examine median rent prices across the 24 largest cities in the country.
Burnaby ranks as the 3rd most expensive city to rent in the nation last month, but the price of one-bedroom units in Burnaby dropped 2.4% to a median of $1,660, while two bedroom units decreased 0.4% to $2,280.
Though rents are still experiencing double-digit year-over-year declines, the “rent price free fall” in the nation's priciest markets “may hit a floor soon” as cities experienced a monthly tapering of rental growth rates, said the report.
The priciest cities are still Toronto and Vancouver and both had relatively flat months in terms of rent price changes with Toronto two-bedrooms even seeing a slight increase of 0.8%, said the report.
“Though both these markets still had double-digit year-over-year declines, the monthly tapering may signal that the downswings are decelerating and a rent price floor may be hit soon,” says the report.
Top 5 Most Expensive Markets
- 1. Toronto, ON one-bedroom rent decreased 1% to $2,050, while two-bedrooms grew 0.8% to $2,650. On a year-over-year basis, rents for both bedroom types are down around 11%.
- 2. Vancouver, BC rents had a flat month with one and two-bedrooms staying flat at $2,000 and $2,750, respectively. However, two-bedroom rent in this city is down 15% since this time last year.
- 3. Burnaby, BC saw one-bedroom rent dip 2.4% to $1,660, while two-bedrooms dropped a slight 0.4% to $2,280.
- 4. Victoria, BC, one-bedroom rent increased 2.5% to $1,650, while two-bedrooms decreased 0.5% to $1,980. In stark contrast to the top 3 priciest cities, rents for both bedroom types in Victoria are up over 13% since this time last year.
- 5. Kelowna, BC moved up a spot and into the top 5 markets, though one-bedroom rent dropped 3.2% to $1,500, while two-bedroom rent decreased 2.2% to $1,750.
- 5. Ottawa, ON jumped up 2 positions to become tied with Kelowna as 5th. One-bedroom rent in this city stayed flat at $1,500, while two-bedrooms grew 0.6% to $1,790.