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.

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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

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