Burnaby sees Greater Vancouver’s steepest rent decline

Burnaby recorded the largest annual rent decline in British Columbia and the second-largest in Canada, according to Zumper’s August rent report. The digital marketplace for renters and property managers said the median rent for a one-bedroom unit in Burnaby was $2,130 in August, down 2.7 per cent from July and 7.4 per cent from a year earlier.

The report said B.C. rents levelled off in August after rising again in early summer, as the final momentum of the summer leasing season faded. Zumper said rents were lower in most of the markets it tracks across Canada and that many move-in incentives remained available, leaving conditions favourable for renters.

Burnaby’s median rent for a two-bedroom unit fell 7.2 per cent year over year to $2,720.

Rents also declined in Vancouver, though less sharply than in Burnaby. Vancouver remained Canada’s most expensive rental market. The median rent for a one-bedroom unit fell 0.8 per cent from July and 4.4 per cent from a year earlier to $2,390. The median two-bedroom rent declined 2.9 per cent month over month and 4.3 per cent year over year to $3,300.

In Victoria, median one-bedroom rent fell 4.8 per cent from a year earlier to $1,990 and was unchanged from July. In Kelowna, rents fell 4.9 per cent year over year and 1.7 per cent month over month.

Zumper attributed continued pressure on rents to the province’s record housing supply pipeline, reduced temporary-resident numbers that have slowed population growth, and a stagnant economy. Abbotsford differed for one-bedroom units, with median rent unchanged both month over month and year over year. Its two-bedroom median still fell 0.5 per cent from July and 8.10 per cent from a year earlier.