A new report shows the local rental market is still hot amid high interest rates.
Prices for rentals in Burnaby — and Canada — are still trending upward as interest rates remain high, new data shows.
"Many of the same factors that have been affecting rental demand are still influencing the market in September," the report said. Toronto is ranked second with a one-bedroom costing roughly $2,474 per month and a two-bedroom almost $1,000 more at $3,361. Residential home sales in the Greater Vancouver area last month marked a 46.4 per cent decrease compared to the same month in 2021 . There were also 9.8 per cent less housing sales in August of this year compared to last month.
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