If you're looking to stay at an Airbnb as an alternative to pricey hotels, it isn't much cheaper in Burnaby according to a recent study.
Research conducted by Money.ca shows an average nightly price for a one-bedroom rental in Burnaby is $143 followed by $199 for a two-bedroom and $323 for a three-bedroom.
The average cost of an entire property on Airbnb for Burnaby is $222.
Burnaby's prices rank it 11th in all of Canada and fifth in B.C. behind Vancouver, Kelowna, Richmond and Saanich.
The methodology included compiling a list of Canada's 50 most populated cities, Money.ca's release explained, and using Airbnb's earnings tool to calculate the average earning potential for each location.
"This study offers an insight into which cities are most expensive for renting an Airbnb in Canada," Money.ca Vice President of Marketing and Product Kris Bruynson said in a news release.
“Canada’s largest and most populous provinces, Ontario, Quebec, and British Columbia, are also home to the most expensive cities for renting an Airbnb.
"While this is good news for residents in these cities looking to earn extra income by listing their properties on Airbnb, visitors seeking affordable accommodation in the city may face a more challenging search."
On May 1 this year, the province enacted new legislation to put restrictions on short-term rentals.
Airbnbs, and others, are now limited to a principal residence or basement suite, laneway or garden suite on the same property in communities with populations of 10,000 or more.
Strata hotels and motels that were operating in a manner similar to a hotel or motel before Dec. 8, 2023, and that meet certain criteria, will be exempt from the principal-residence requirement.
Analysis from short-term rental data analytics company AirDNA from March 2024 shows more than 19,000 homes in B.C. are being listed as short-term rentals for the majority of a calendar year.
“We’re trying to find a balance,” said B.C. housing minister Ravi Kahlon.
“Short-term rentals are still going to be available for people but we need to ensure that people that are investors that are going in and buying multiple homes and moving them away from long-term rentals, that’s not something that we want to see.”
With files from Cindy E. Harnett, Times Colonist
