The New Westminster residential rental market continues to be out of reach for many people, according to a new report looking at the most expensive rental markets in all of Canada.
New Westminster finished 15th on the list for average monthly rent in January for a one-bedroom home at $1,544 and 10th for average monthly rent for a two-bedroom at $1,992.
The average asking rent for all Canadian properties in January was $1,714 per month - down 8.7 per cent year over year.
This decline is slightly worse than the average decline in the second half of 2020 of 8.5 per cent, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
Burnaby finished seventh on the list for average monthly rent in January for a one-bedroom home at $1,693 and fourth for average monthly rent for a two-bedroom at $2,153.
Vancouver remains the most expensive city for renters looking for one- and two-bedroom homes on the list of 35 cities with average monthly rents at $1,901 and $2,592 respectively.
Victoria came in 11th on the list for average monthly rent in January for a one-bedroom home at $1,644 and seventh for average monthly rent for a two-bedroom at $2,078.
Average rents for both a one-bedroom and a two-bedroom were up monthly and year over year in Victoria.
Vancouver had the most expensive rents in the country at $2,178 per month for an apartment or condo rental, but that was also a decline of 5 per cent year over year.
Victoria rents for an apartment or condo rental was unchanged year over year at $1,758. A year ago January that number was up 25 per cent.
British Columbia had the highest average rent at $1,990, as well as the highest average rent per square foot at $2.76 for all property types in January.
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 35 cities across Canada.
