Vancouver, Burnaby top Canada's most expensive rental markets: Rentals.ca

It likely won't come as a surprise to Vancouver residents, but the city remains Canada's most expensive rental market, according to a report by Rentals.ca.

It likely won’t come as a surprise to Vancouver residents, but the city remains Canada’s most expensive rental market, according to a report by Rentals.ca.

The report, which covered the month of June, said Vancouver topped the list, where the average one-bedroom unit was listed at $2,945 and a two-bedroom at $3,863, followed by Burnaby.

Both were well above the national average asking price of $2,042, which was a new record, as interest rate hikes and population expansion continued, according to the report.

“Typically we would see increased rental demand some time through April up to August, right around the really warm summer months,” Rentals.ca’s senior data analyst, David Aizikov, told CTV News.

As he points out, meeting those demands have been a long-standing issue for the Lower Mainland.

"With a market like Vancouver and the surrounding communities, there is a serious imbalance between the supply of available rentals and the demand posed by renters,” he said.

“Because of this serious under supply, the available units are going to be priced at a premium,” he continued.