The website PadMapper has just released its year-end Canadian National Rent Report and it’s not great news for renters in Burnaby.
The report includes a section highlighting the cities with the largest year-over-year growth rates after checking hundreds of thousands of listings last month to examine rent prices across the 24 largest cities in the country.
The top cities with the largest year-over-year rental growth rates were all in Ontario and included Kingston, Kitchener, London, and Ottawa.
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 $1,700 and $2,350, respectively.
Notably, the price of one bedrooms is up 8.3% since this time last year.
So, more terrible news for Burnaby renters.
I wonder what is becoming of our city and when will it end? Will this become a place only the wealthy can afford, or will governments of all levels finally get their acts together and offer some affordable housing.
The full report can be found here: https://blog.padmapper.com/canadian-rent-trends