B.C.'s most expensive cities to rent undergo big price drop

B.C.’s most expensive rental markets are undergoing sizable drops in asking rent compared to the same time last year, but renters are still paying more than the rest of 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 home to the priciest one- and two-bedroom rentals in the country, with a median price of $2,500 and $3,490 per month, respectively.

However, the one and two-bedroom rentals experienced a year-over-year decline of over seven per cent compared to July 2024.

Zumper

You might also like:
• B.C. castle on historic island property for sale well under assessed value
• B.C. home sales up, prices down as tariff uncertainties linger
• B.C. roommates' legal fight over heat and rent ends with no winners

According to Zumper, Vancouver’s asking rent for one and two-bedroom units has dropped 7.4 per cent and 7.7 per cent, respectively, since this time in 2024.

“Rent prices across Canada continue to cool, with this report marking the tenth consecutive month of annual declines,” said Zumper in its report. “Canada’s rental landscape is diverging noticeably by region. Price drops hit hardest in Ontario and British Columbia’s most expensive cities: Vancouver rents for both one and two-bedrooms are down over seven per cent annually.

“The slowdown reflects a convergence of market dynamics: growing housing supply, a moderation in population growth, and persistent affordability challenges are all putting downward pressure on rental costs.”

Shutterstock

Several other major B.C. cities also experienced sizable year-over-year dips in asking rent.

Burnaby remains the city with the second-highest median asking rent nationwide, with median asking rent at $2,380 and $2,900 for one-bedroom and two-bedroom apartments, respectively. That is down 4.8 per cent and 9.4 per cent from July 2024.

Victoria and Kelowna also rank among the top 10 most expensive markets for renters in Canada, and the median asking rent for one- and two-bedroom units has dipped, ranging from 2.5 to 6.5 per cent.