Two out of the three most expensive Canadian cities to rent are in B.C. — and one of them is Burnaby.
A one-bedroom rental in the city is now more than $2,000 at $2,012, according to Rentals.ca's national rankings report for June 2022.
That's a 6.9 per cent increase compared to April, and a 24.1 per cent rise from May 2021.
As well, the average two-bedroom rental now costs $2,645 in Burnaby. The price is a 3.2 per cent increase from April this year and a 18.9 per cent rise from one year ago.
Burnaby's average rental prices for May have it as the third most expensive city in Canada to rent in.
Toronto is higher than Burnaby with an average May price of $2,133 for a single-bedroom suite and $3,002 for a two-bedroom rental.
The highest in the country continues to be Vancouver where a one-bedroom will set you back $2,377 per month. It's an increase of 1.8 per cent in one month and a 19.9 per cent rise from a year ago in May 2021.
A two-bedroom suite in B.C.'s largest city continues to soar, coming in at $2,495. The price equates to a 5.1 per cent uptick in the past month and 24.1 per cent from the same time frame a year ago.
"Demand for larger units was a noticeable trend during the pandemic with more people needing to work from home, and parents needing more space for children at home full time," the report says.
"This trend has not dissipated in the post-vaccine and return-to-work era. Many employers are having their employees only come to the office for one or two days a week. Couple this with sharp increases in interest rates, which has dissuaded some tenants from purchasing property, and the demand for generously sized suites has been strong."
A one-bedroom rental came in at an average of $1,591 for Canada, an increase of 2.13 from last month and a yearly increase of 8.05 per cent.
A two-bedroom comes in just over $2,000 at $2,033, up 4.15 per cent from the previous report and 11.82 per cent in the past year.
