Prices for one-bedroom rentals in Burnaby have increased by 16 per cent.
That's one of the higher year-over-year jumps compared to other major Canadian cities, according to Rentals.ca's latest national rent report.
The average price for a one-bedroom in Burnaby in October was $2,647 per month — the second highest in the country.
As well, a two-bedroom place in the city cost an average of $3,341, which was an 14.3 per cent uptick from October 2022.
However, the data shows the prices also represent monthly decreases of two and 2.1 per cent respectively.
In September 2023, Burnaby posted one- and two-bedroom averages of $2,700 and $3,411 per month.
"While headline rent inflation for Canada continued to run hot in October, the slowing of rents in cities such as Toronto and Vancouver was significant, showing that affordability challenges are causing renters to shift into less expensive markets," said Shaun Hildebrand, president of Urbanation, in a statement from last Tuesday. Nov. 14.
Vancouver is still the most expensive city to rent in Canada:
- $2,872 for one-bedroom units
- $3,777 for two-bedroom units
Average asking rental prices in B.C. were the highest among all provinces at $2,639, Rentals.ca's report states.
However, Rentals.ca said B.C. rents decreased 0.6 per cent month-over-month, the second consecutive monthly decline, which lowered its annual rate of growth to 9.8 per cent in October from 12.3 per cent in September.
Nationally, the average cost for a one-bedroom suite is $1,938 and $2,311 for a two-bedroom.
Meanwhile, lots of interested homebuyers looked to Burnaby for getting into B.C.'s unpredictable real estate market despite slight upticks in prices.
The benchmark price for residential properties hit $1,192,600 in September for Burnaby East (+1.1 per cent compared to September 2022), $1,020,900 in Burnaby North (+0.7 per cent) and $1,122,000 in Burnaby South (-0.5 per cent).
Single family detached homes hit a benchmark of $1,894,800 in Burnaby East (+1.8 per cent), $2,079,300 in Burnaby North (+1.5 per cent) and $2,199,700 in Burnaby South (+0.1 per cent).
Metro Vancouver sales totalled 1,996 in October, a 3.7 per cent increase from the 1,924 sales recorded in October 2022, but 29.5 per cent below the 10-year seasonal average.
