The average rent for all Canadian properties listed on Rentals.ca in January was $1,807 per month, up 4.4 per cent annually and 1 per cent monthly, according to the Rentals.ca and Bullpen Research & Consulting latest National Rent Report.
Burnaby finished seventh on the list for average monthly rent in January for a one-bedroom home at $1,847 and sixth for average monthly rent for a two-bedroom at $2,377. Year over year, average monthly rent in January for a one-bedroom in Burnaby was up 7.4 per cent and up 7.8 per cent for a two-bedroom.
After the typical seasonal decline in December, average rents in Canada are starting to trend up again. The fear that the Omicron variant would derail the economy and lock down the country again has subsided, with tenants out looking for places to rent.
Many municipalities across Canada are experiencing substantial annual increases in average rent, but remember average rents fell off a cliff during the worst of the pre-vaccine pandemic, so comparisons this year will skew high.
Vancouver topped the list of 35 cities for average monthly rent in January for a one-bedroom home at $2,163 and for average monthly rent for a two-bedroom at $3,003.
Vancouver has the most expensive rents in the country for all property types at $2,550 per month, an annual increase of 16.2 per cent year over year.
In Vancouver, average rent for single-family homes was up from $2,758 per month in 2021 to $2,987 per month in January, which is 8.3 per cent higher than last year’s total. Condo apartments average rents rose from $2,573 per month in 2021 to $2,756 per month in January, a 7.1 per cent increase. Apartment average rents were up from $2,265 per month in 2021 to $2,456 per month in January, up 8.4 per cent.
Average monthly rent in British Columbia in January for all property types was the highest of all the provinces at $2,181, increasing 9.6 per cent year over year.
