Real estate tracking site PadMapper has just released its latest Canadian National Rent Report and it offers grim news for Burnaby residents.
The report analyzed hundreds of thousands of listings last month to examine median rent prices across the 24 largest cities in the country.
“80% of the Canadian cities on our report had flat or negative monthly rent price changes,” said a news release.
“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 $1,750 and $2,300, respectively.
Notably, the price of one bedrooms in Burnaby is up 11.5% since this time last year.
The full report and discussion can be found here: https://blog.padmapper.com/canadian-rent-trends
Rents are staying “fairly high” in Burnaby despite COVID-19 driving down prices in many other Canadian areas, says another new report.
The average monthly asking rent for all property types in Canada was down 1.4% in May over April to $1,814, according to the latest National Rent Report from Rentals.ca and Bullpen Research & Consulting.
The COVID-19 pandemic continues to put downward pressure on the rental market nationally, with rent down 7.2% from the peak in September at $1,954 per month.
But in Burnaby, the city still managed to come in 13th on the list of 34 cities for average monthly rent for a one-bedroom home at and landed on the top-10-worst list for average monthly rent for a two-bedroom.
Vancouver finished second on the list for most expensive rents in May for a one-bedroom home at $2,022 and for a two-bedroom at $2,552.
The average monthly rents in Vancouver were up in May after being down in April.
“We suspect some short-term rentals are being repurposed into long-term rentals, which is affecting the pricing in the rental market,” said a news release.
Average monthly rents increased in May over April in British Columbia by 2.1%.
