The latest Canadian National Rent Report by Padmapper is out and residential rents in Burnaby are still going up despite the COVID-19.
The report analyzed hundreds of thousands of listings last month to examine median rent prices across the 24 largest cities in the country.
Burnaby ranked as the 3rd most expensive city to rent in the nation last month.
The price of one-bedroom units in Burnaby grew 2.4% to a median of $1,700, while two-bedroom units remained flat at $2,200.
For the first time since January 2020, one-bedroom rents in both Vancouver and Toronto were flat on a monthly basis. (Though rent prices were still down in the double-digits year-over-year.) These flat rates may be a result of a recent migration of renters who never lived in these pricey cities but wanted to take advantage of the cheap rent and unheard of move-in specials currently being offered. These new renters moving in evens out the overall demand so we aren’t seeing the trend of continuous decline in rent prices anymore.
- Top 5 Most Expensive Markets
- 1. Vancouver, BC one and two-bedroom rents stayed flat at $1,900 and $2,600, respectively. On a year-over-year basis, prices for both bedroom types are down over 11%.
- 2. Toronto, ON had a similar stagnant month to Vancouver with one and two-bedroom rents staying stable at $1,750 and $2,300, respectively. Prices for both bedroom types are down around 22% since this time last year.
- 3. Burnaby, BC was third with one-bedroom rent growing 2.4% to $1,700, while two-bedrooms remained flat at $2,200.
- 4. Barrie, ON moved up a spot to become the 4th priciest city with one-bedroom rent jumping 5.1% to $1,650. Two-bedrooms grew 4.7% to $1,770.
- 5. Victoria, BC dropped down to 5th with one-bedroom rent falling 3.8% to $1,540 and two-bedrooms decreasing 1.5% to $1,970.
- Cities with The Largest Monthly Changes
- –Oshawa, ON moved up 2 spots to rank as the 7th most expensive city with one-bedroom rent jumping 4.3% to $1,450.
- –Hamilton, ON one-bedroom rent climbed 2.2%, settling at $1,400, and up a position to become the 9th priciest.
- –Ottawa, ON was the 7th most expensive market with one-bedroom rent increasing 2.1% to $1,450.
- –Abbotsford, BC took a 2 ranking dip to become 14th with one-bedroom rent falling 5.3% to $1,240.
- –Québec, QC was the 24th most expensive city with one-bedroom rent decreasing 4.8% to $790.
- –Halifax, NS moved down a spot to rank as the 14th priciest city with one-bedroom rent dropping 4.6% to $1,240.
The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metro areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication. Any data that is reported does not include short term or Airbnb listings.