Rental prices are still rising as interest rates continue to increase and people turn away from buying.
In its July 2022 report, Rentals.ca says a one-bedroom in Burnaby will run someone $2,049 per month, an increase of 1.84 per cent compared to June.
A two-bedroom rental skyrockets to $2,717, an uptick of 2.72 per cent from last month. Compared to the same timeframe in 2021, prices have jumped by 20.1 per cent.
Pricing averages put the city as the fifth highest in the country behind Vancouver, Toronto, Richmond and Oakville, Ont.
Vancouver is the highest in Canada with the price of a one-bedroom at a going rate of $2,412 (+1.7 per cent in a month, +19.17 per cent in one year) and $3,597 for a two-bedroom (+2.92 per cent in a month, +26.48 per cent in one year).
The data also puts British Columbia as the most expensive province to rent from in the country with an average of $2,456 compared to one year ago in June 2021 when the average sat at $1,969.
Rent prices provincially have increased 33 per cent from June of 2019 to now.
"There are many moving parts that can affect the housing market across Canada, including rising interest rates, persistent inflation, supply chain issues, and employers' decisions about requiring in-office work," the Rentals.ca report says.
"The recent report by the Canada Mortgage and Housing Corporation suggests Canada remains significantly undersupplied for housing, which continues to impact rental markets, and migration patterns (out-migration from Ontario to Nova Scotia is likely the largest factor impacting the rent spike in that province).
"While it is difficult to forecast during these unpredictable times, Bullpen Research & Consulting and Rentals.ca expect rent growth to continue, especially with a resale housing market correction underway, and future interest rates hikes still on the table."
When it comes to purchasing a home, the Real Estate Board of Greater Vancouver's (REBGV) report for June 2022 shows there was a 16.2 per cent decrease last month compared to the 2,918 homes that were sold in May across the region.
June sales showed a 35 per cent decrease from the same month in 2021 when 3,762 sales were completed
And, compared to the same time period a decade ago, it's a drop of 23.3 per cent.
The benchmark price for all residential properties in Metro Vancouver as of last month is $1,235,900.
The number equates to a 12.4 per cent increase from June 2021, a two per cent drop from May and 2.2 per cent decrease over the past three months.
The benchmark price of a residential property in Burnaby East sits at $1,178,300 (-3.1 per cent in one month), $1,070,700 in Burnaby North (-0.8 per cent in one month) and $1,149,100 in Burnaby South (-2.8 per cent in one month).
A single-family detached home is median priced at $1,888,500 in Burnaby East (-3.8 per cent in one month), $2,128,000 in Burnaby North (+0.5 per cent in one month) and $2,271,400 in Burnaby South (-2 per cent in one month).
Townhouses in Burnaby are also going down in price.
Burnaby East is at a benchmark price of $887,500 (-1.1 per cent in one month), Burnaby North at $982,000 (+/-0 per cent) and Burnaby South in six figures at $1,041,500 (-2.2 per cent in one month).
Areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.
