Burnaby's one-bedroom rents fell 8.7 per cent in a year, among Canada's steepest drops
Zumper's October report puts Burnaby among the three Canadian cities with the steepest rent declines, as Metro Vancouver's record rental supply meets softer demand.
The day's top stories, food & events — every morning at 7. Unsubscribe anytime.
Burnaby's median one-bedroom asking rent fell 8.7 per cent year over year to $2,030 in October, according to Zumper, one of the steepest annual drops in Canada.
The digital rental marketplace said the decline put Burnaby among three Canadian cities with the largest rent declines, alongside Quebec City and Hamilton. Zumper ranked Burnaby second-most expensive city to rent in Canada.
"Burnaby is where Greater Vancouver's oversupply is hitting hardest," Zumper said.
Vancouver remains the most expensive place to rent in Canada. Its October median was $2,400 for a one-bedroom and $3,300 for a two-bedroom. Both figures moved little from the previous month, though the one-bedroom median was down 4 per cent from a year earlier and the two-bedroom median was down 1.5 per cent.
The report points to supply as the main driver. Statistics Canada's annual survey put Metro Vancouver's purpose-built rental vacancy rate at 3.7 per cent in 2025, the highest since 1988. Zumper attributed the softening to a record wave of newly completed rental units meeting softer, immigration-constrained demand, and said it expects downward pressure on rents to continue into 2027.
Elsewhere in B.C., Abbotsford's one-bedroom asking rent rose 2.5 per cent year over year, placing it among the three fastest-growing rental markets in the country. "Annual rent growth has vanished from Canada's big, expensive markets and migrated to its affordable secondary cities," Zumper said.
The full Canadian Rent Report is available on Zumper's website.
