A new report from Rentals.ca suggests prices for a one-bedroom rental in Burnaby have dropped more than 10 per cent in the last year.
Despite the decrease, Burnaby still has the second highest rental averages in Canada — even though national averages hit a 15-month low of $2,139.
A local one-bedroom unit averaged $2,378 in November, a 0.9 per cent decline from October and a 11.3 per cent drop compared to November 2023.
Two-bedroom averages remained the same last month — $3,061 per month — while dropping 6.9 per cent compared to the same time last year.
Overall, Burnaby rents dropped 9.8 per cent year over year.
Vancouver is the only city with a higher rent average at $2,534 per month for a one-bedroom and $3,413 for a two-bedroom, according to Rentals.ca's data.
Provincially, B.C. has the most expensive averages in the country hitting $2,524 per month.
A studio averaged $1,962 last month while a one-bedroom came in at $2,211.
Two-bedrooms were recorded at $2,852 and three-bedrooms averaged more than $3,000 at $3,442.
