The New Westminster residential rental market continues to be out of reach for many people, according to a new report looking at the most expensive rental markets in all of Canada.
New Westminster finished 15th on the list for average monthly rent in January for a one-bedroom home at $1,544 and 10th for average monthly rent for a two-bedroom at $1,992.
The average asking rent for all Canadian properties in January was $1,714 per month - down 8.7 per cent year over year.
Burnaby finished seventh on the list for average monthly rent in January for a one-bedroom home at $1,693 and fourth for average monthly rent for a two-bedroom at $2,153.
Vancouver remains the most expensive city for renters looking for one- and two-bedroom homes on the list of 35 cities with average monthly rents at $1,901 and $2,592 respectively.
Victoria came in 11th on the list for average monthly rent in January for a one-bedroom home at $1,644 and seventh for average monthly rent for a two-bedroom at $2,078.
Average rents for both a one-bedroom and a two-bedroom were up monthly and year over year in Victoria.
Vancouver had the most expensive rents in the country at $2,178 per month for an apartment or condo rental, but that was also a decline of 5 per cent year over year.
Victoria rents for an apartment or condo rental was unchanged year over year at $1,758. A year ago January that number was up 25 per cent.
British Columbia had the highest average rent at $1,990, as well as the highest average rent per square foot at $2.76 for all property types in January.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for 35 cities across Canada.