Rent prices increase in Burnaby, higher than Toronto

Burnaby has the second-highest rents in Canada, according to a July 2023 Rentals.ca and Urbanation report. The average rent for a one-bedroom apartment is $2,578, a 27.2 per cent year-over-year increase, while the average for a two-bedroom is $3,314, an 18.4 per cent increase. Renters who move out of their current rent-controlled apartment could face a steep increase in their monthly living expenses, with vacant units typically 43% more expensive than those occupied. To afford the average rent, a tenant would need to make almost $93,