Burnaby has now become a kicking good “deal” thanks to how COVID-19 has impacted the rental market, says a new report.
Average monthly rents were down in April over March in Vancouver, Toronto, Calgary and Ottawa, according to the monthly National Rent Report from Rentals.ca and Bullpen Research & Consulting.
Also, rental apartments and condo apartments listed on Rentals.ca were down 3.2 per cent and 4.6 per cent respectively month over month, even though average rents in Canada were unchanged in April over March at $1,842.
But the coronavirus pandemic is starting to have an effect on Canada's rental market, with drops seen in Burnaby.
Burnaby came in 15th on the list of 33 cities for average monthly rent for a one-bedroom at $1,521 and eighth for average monthly rent for a two-bedroom at $2,055.
Vancouver finished sixth on the list of 33 cities for average monthly rent for all property types for a one-bedroom home at $1,894 and third for average monthly rent for a two-bedroom at $2,478. Month over month Vancouver rents were down 5.6 per cent for a one-bedroom and 15.8 per cent for a two-bedroom.
Vancouver rents for condo and rental apartments declined 6.8 per cent month over month. Victoria decreased by 8.7 per cent.
On average people in the Vancouver Census Metropolitan Area (CMA) are looking for a place to live 16 kilometers away from their place of employment in April, down slightly from 17 in March, according to Local Logic.
There has been much talk about COVID-19’s impact on the short-term rental market with travel restrictions in place. This can play out with more furnished apartments listed for long-term renters. On Rentals.ca, 25 per cent of Quebec’s rental and condo apartments were furnished; 17 per cent were furnished in Ontario and 15 per cent were furnished in British Columbia.
In British Columbia, the average furnished apartment is listed for 44 per cent more than unfurnished apartments ($2,531 vs $1,752 per month).
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