A new report says rent prices in Burnaby have dropped again, despite still being the second highest in Canada.
Rentals.ca's November report says a one-bedroom averaged $2,398 in Burnaby last month, down 9.4 per cent compared to October 2023 and 3.8 per cent compared to September.
A two-bedroom averaged $3,062, only up 0.3 per cent compared to September and down 8.4 per cent compared to 2023.
Vancouver is the only city listed higher than Burnaby, with a one-bedroom average of $2,610 and a two-bedroom price of $3,430 for September.
"Rent declines were mainly focused in larger cities within Ontario and B.C., as well as in Calgary and Montreal. Many smaller, more affordable markets across the country continued to post strong rent increases in October," the report said.
"Rent growth in Canada has been consistently slowing since the summer, with the latest decline representing a sharp reversal from the 9.3% annual increase posted in May."
British Columbia remains the most expensive province to rent in, with a total average of $2,549.
A one-bedroom averaged $2,254, two-bedroom $2,875 and $3,420 for a three-bedroom.
"Apartment rents in B.C. fell the most for one-bedroom units, down 4.9% annually to an average of $2,254."
