Three B.C. cities are among the most expensive to rent in all of Canada
While asking rental prices across the country continue to trend downwards, residents in three B.C. cities can still expect to pay the most expensive rent in Canada.
Zumper, a digital marketplace for renters and property managers, has released its latest rent report, which tracks asking rent prices on sites with apartment listings.
Vancouver remains in the top spot for the priciest one-bedroom rentals at $2,540 per month, down 0.4 per cent in February. Two-bedroom rentals did see a slight month-over-month uptick to $3,490, up 0.9 per cent.
In second place is Burnaby, with average asking rent coming in at $2,370 and $3,000 for one-bedroom and two-bedroom apartments, respectively.
New condominium towers next to SkyTrain Metrotown Station in Burnaby’s Metrotown district. (Google Maps)
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Tied for fourth place in the list of most expensive cities to rent is Victoria, which saw rents jump 1.5 per cent for both apartment types. Renters can expect to pay around $2,060 for a one-bedroom and $2,750 for a 2-bedroom.
Other B.C. cities on the list include Kelowna in eighth place and Abbotsford at 14th.
The Zumper Canadian Rent Index indicated that rents across the country have dropped for five months in a row.
One-bedroom rent dropped 0.3 per cent monthly to $1,850, and two-bedrooms dipped by 0.5 per cent to $2,285. One and two-bedroom rents are also down 2.4 per cent and 2.6 per cent year-over-year, respectively.
Zumper
“The national rent prices are continually being driven down by several factors,” said Zumper in its report. “According to the CMHC, Canada’s national vacancy rate rose from 1.5 per cent in 2023 to 2.2 per cent in 2024, largely due to a surge in purpose-built rental construction. Rental supply grew by 4.1 per cent last year — the highest increase in over 30 years.
“Recent immigration policy changes will also continue to lower population growth, which will help ease demand. Additionally, the Bank of Canada’s interest rate cuts have lowered borrowing costs, encouraging further investment in rental developments.”
Due to its high price, Vancouver has become a less popular destination for renters in Canada, according to a new report.
Are you seeing cheaper rental asking prices across Metro Vancouver and B.C.? Are you having difficulty finding an affordable place to live? Let us know in the comments, or contact us to share your story.