The city is still hosts the third most expensive places to rent in the country.
According to Rentals.ca's January report, a one-bedroom rental in the city averaged $2,450 last month — a 6.3 per cent increase from December — while a two-bedroom surpassed a $3,000 monthly rate.
"The Canadian rental market is carrying strong momentum into 2023, driven by robust labour market conditions, record high population inflows, and generational lows for homeownership affordability," the report said. "Ongoing strength in population growth and suppressed first-time home buying activity will be supportive of the rental market this year, although a more than 40-year high anticipated for rental completions in 2023 will help to temper further rent increases."
Single-family detached hit a benchmark price of $1,675,400 in Burnaby East , $1,889,600 in Burnaby North and $2,038,900 in Burnaby South .
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