COVID-19 has been cited for driving down rents across Canada, but in Burnaby, that’s just not happening.
The average monthly rent for all Canadian properties listed on Rentals.ca was $1,770, down the third month in a row in June -- this time by 2.4 per cent -- according to Rentals.ca and Bullpen Research & Consulting, which produced the latest National Rent Report.
The COVID-19 pandemic continues to put downward pressure on the rental market nationally, with rent declining 9.4 per cent in June, and average monthly rents decreasing in April, May and June.
In Burnaby, however, rents were up both monthly and annually, which came in 11th on the list for average monthly rent in June for a one-bedroom home at $1,735 and sixth for average monthly rent for a two-bedroom at $2,182.
Year over year, average monthly rents for one- and two-bedroom units are down in Toronto, Vancouver, Calgary, Edmonton, Winnipeg, Saskatoon and Regina, while they are up annually in Montreal, Ottawa, Halifax, London, Kitchener and Victoria.
Vancouver finished fourth on a list of 33 cities for average monthly rent in June for a one-bedroom home at $1,987 and second for average monthly rent for a two-bedroom at $2,644, just $40 below Toronto.
Vancouver rents were down in June annually for both a one-bedroom and a two-bedroom. Monthly, rent was down for a one-bedroom by 1.8 per cent, but up 3.6 per cent for a two-bedroom.
Toronto had the highest average monthly rent in June for a one-bedroom home at $2,063 and for a two-bedroom at $2,684.
Red Deer brought up the bottom of the list with average monthly rent for a one-bedroom at $870 and for a two-bedroom at $963.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada. This month's report charts rents for 33 cities across Canada.