Remember early in the pandemic when Burnaby homeowners were panicking because travel was dead and they couldn’t post their homes on Airbnb?
Well, things have definitely changed.
As the cruise have started arriving once again in Vancouver and the weather gets warmer, Airbnb has been flooded with new short-term listings in Burnaby.
And some of these homes are available for eye-popping nightly sums.
One rental is a room in a “colonial-style” home at Deer Lake that is going for a whopping $860 a night – and you have to do a three-night minimum to even be considered.
Then there is use of a home also near Deer Lake that is going for nearly $750 a night, but get this – you have to book for a minimum of 15 nights.
Other Airbnb rental listings are going for more than $700 a night, although some of those get you an entire house so if you’re sharing with others, that makes it more affordable.
And there are some listings in the $200 range. I remember when Airbnb listings used to be $50 to $100 as the service was advertised as a cheap way to travel. That feels like a thing of the past.
And it’s all having a devastating impact on the rental market in Burnaby as the available housing supply dries up. The fewer the listings, the more in demand available rentals are and the higher prices rise.
Rents in Burnaby are hitting historic marks.
A report by Rentals.ca says that Burnaby finished fourth on the list for average monthly rent in March for a one-bedroom home at $1,959 and sixth for average monthly rent for a two-bedroom at $2,398.
Year over year, average monthly rent in March for a one-bedroom in Burnaby was up 16.5 per cent and up 9.9 per cent for a two-bedroom.
Average rent for all Canadian properties listed on Rentals.ca in March was $1,818 per month, an increase of 6.6 per cent annually, according to the Rentals.ca and Bullpen Research & Consulting latest National Rent Report.
Vancouver topped the list of 35 cities for average monthly rent in March for a one-bedroom home at $2,280 and for average monthly rent for a two-bedroom at $3,122.
Follow Chris Campbell on Twitter @shinebox44.
