Asking rent in Vancouver dropped "considerably" last month and year

Asking rent prices in Vancouver fell sharply in December compared to November, and, overall, 2023 saw a drop in prices compared to 2022.

While asking prices in Vancouver are still the most expensive in the country, they’re a fair bit lower than they were just six months ago.

To add to the BC rent drama, another BC city continues to rival Vancouver for Canada’s most expensive place for renters.

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Compared to where asking prices were even in September 2023 ($2,988), rents have fallen considerably in Vancouver.

According to Rentals.ca, rent in Vancouver hit $2,700 for a one-bedroom apartment in December, representing a 5.8% month-over-month drop, while still an increase of 4% year over year.

Burnaby, the second most expensive place to rent in Canada, saw prices hit $2,600 for a one-bedroom apartment, a 3% decrease month over month, but a sharper increase compared to Vancouver year over year (6.1%).

Asking rent for two-bedroom units follows a similar theme.

In Vancouver in December, the average asking price for a two-bedroom apartment hit $3,660, a 4.5% decrease month over month, and a 2.7% increase year over year.

Rentals.ca

“Asking rents for apartments in Canada’s most expensive major markets of Vancouver and Toronto slowed considerably in 2023,” Rentals.ca’s report states.

“At an average of $3,059, asking rents for apartments in Vancouver declined -0.7% annually in December.”

Other BC cities that saw drops include Victoria, Surrey and Kelowna.

Bear in mind that asking rent prices don’t necessarily highlight the full picture. For example, you’re not getting listings from marketplaces like Facebook or Craigslist.

According to the report, the cheapest place to rent in Canada is Saskatoon, where you can rent a two-bedroom apartment for $1,405.

Imagine that?