Rent in three of B.C.'s biggest housing markets is starting to rise
Cost of living remains top of mind for many British Columbians, especially as renters in three major B.C. cities are seeing an increase in asking rent prices compared to the previous month.
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 home to the priciest one-bedroom rentals in the country, with a median price of $2,400 per month in April. This is up by 0.4 per cent compared to this time last month.
However, two other major B.C. cities saw an even larger month-over-month increase in asking price for one-bedroom rentals.
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Victoria, which is the sixth most expensive city to rent in Canada, saw its April median price for one-bedrooms rise 2.1 percent compared to March, up to $1,980.
Kelowna also saw a spike of 2.9 per cent month-to-month to $1,750, earning it a spot in ninth place.
Vancouver still has the highest two-bedroom rents in the country, with an average asking price of $3,370. That number is up 2.7 per cent compared to the previous month.
Zumper
According to Zumper, the country’s priciest markets are experiencing a “slow thaw.”
“After an 18-month stretch of consecutive year-over-year declines, national asking rents are still falling, but the pace of those declines is softening for the fourth month in a row, a signal that the correction may be approaching its floor,” said Zumper in its report.
Kelowna was highlighted by Zumper for its jump back into the top 10.
“The Okanagan city made the biggest move in the top 10, rising three positions on the strength of a 2.9% monthly one-bedroom gain,” added Zumper. “Kelowna enters the top 10 for the first time in several months.”
Abbotsford also landed in the top 20 most expensive markets for renters in Canada at number 16.
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“Canada’s most expensive rental markets remain anchored by British Columbia and Ontario, though the composition of the top five has shifted in some notable ways,” said Zumper.
“For renters, this is still a favourable negotiating environment. For property owners, the incentive-heavy conditions seen through late 2025 may slowly begin to ease.”
The full Zumper report can be found online.