Burnaby has dropped among Canadian cities with the highest rental prices.
Rentals.ca's latest report shows Burnaby is the fourth most expensive with a one-bedroom averaging $2,336 in March while two bedrooms came in at $3,024.
Burnaby's one- and two-bedroom averages have fallen 7.8 per cent and 3.6 per cent, respectively, compared to the same time period last year.
North Vancouver (1), Vancouver (2) and Coquitlam (3) are all ranked higher than Burnaby with a one-bedroom unit averaging $2,667 in North Vancouver and two-bedrooms going for $3,471.
Provincially, British Columbia is still the most expensive province when it comes to rentals in Canada, with an overall average price of $2,480, just beating out Ontario, which sits at $2,327.
A bachelor unit in B.C. averaged $1,989 last month while one-bedroom listings came in at $2,215, $2,792 for two bedrooms and $3,427 for three bedrooms.
"The annual decline in March was notably smaller than in February (-4.8%) as rents increased 1.5% month-over-month [across Canada] — the first monthly increase since September 2024," the report said.
"The improvement in rents during March can be related to a seasonal increase in demand following a slowdown in lease activity during the winter months.
As well, renters may have become more active due to the recent improvement in affordability. Nonetheless, elevated supply driven by record apartment completions continued to weigh on rents in most parts of the country."
