A new report says rent prices in Burnaby have fallen further, although they are still the second highest in Canada.

Rentals.ca November report reports that a one-bedroom apartment cost an average of $2,398 in Burnaby last month, down 9.4 per cent from October 2023 and down 3.8 per cent from September.

A two-bedroom apartment cost an average of $3,062, up just 0.3 percent from September and down 8.4 percent from 2023.

Vancouver is the only city ranked higher than Burnaby, with an average one-room price of $2,610 and a two-bedroom price of $3,430 for September.

“Rent declines were mainly concentrated in large cities in Ontario and British Columbia, as well as Calgary and Montreal. Many smaller, more affordable markets across the country continued to post large rent increases in October,” the report said.

“Rent growth in Canada has been steadily slowing since the summer, with the latest decline representing a sharp reversal from the 9.3% annual increase recorded in May.”

British Columbia remains the province with the most expensive rents, with a total average of $2,549.

A one-bedroom apartment cost an average of $2,254, a two-bedroom apartment $2,875, and $3,420 for a three-bedroom apartment.

“Apartment rents in British Columbia saw the largest decline for one-bedroom units, down 4.9% annually to an average of $2,254.”