Burnaby rents skyrocketed 11% in one year, says report

Burnaby Mayor Mike Hurley has his task force on housing up and running, with the group meeting recently and a round of online public input received.

And not a moment too soon.

article continues below

The group PadMapper released its latest Canadian rental report and the numbers continue to look dire for people looking for affordable housing in our city.

Among the lowlights:

  • 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 $1,570 and $2,240, respectively.
  • The price of one bedrooms is up 11 per cent since this time last year.

That is a whopping rent increase. There is no way people’s wages are keeping up with this kind of hike.

Of course, the numbers should be taken with a bit of a grain of salt. A quick reveals there are approximately 305 Burnaby rental listings, compared with 1,300 in Vancouver.

The lower the number the easier it is for a wild price fluctuation. So consider that. But the third-place ranking in Canada is consistent with the month-by-month PadMapper numbers

The full report can be found here: https://blog.padmapper.com/canadian-rent-trends

Read Related Topics

© Burnaby Now