Burnaby Leads Greater Vancouver Rent Declines

Burnaby posted BC’s biggest yearly one-bedroom rent drop, with median asking rent at $2.13K in Mid-Q3 after a MoM ↓~3% for renters.
Yearly, Burnaby’s one-bedroom median ↓~7%, the largest drop across Greater Vancouver, while two-bedroom median ↓~7% to $2.72K for renters seeking more space.
Burnaby renters were navigating a market that had flattened in BC by Mid-Q3, as summer leasing momentum faded and move-in incentives remained available.
For Burnaby, softer rents were linked to BC’s record supply pipeline, reduced temporary residents, and a stagnant economy weighing on demand recently.
With peak leasing season ending and a slower period ahead, the key watch for Burnaby was whether this rent plateau would hold.