B.C. leads Canada in rent decreases as Vancouver market hits milestone
The rising cost of living continues to weigh on many British Columbians. But for Vancouver renters looking to stretch their rent budget longer each month, there is some positive news.
A new report from Rentals.ca reveals that asking rents for Vancouver apartments have dropped on a year-over-year basis for 30 consecutive months.
According to the latest National Rent Report created by Rentals.ca and Urbanation, British Columbia is also the province with the largest apartment rent decreases in the past year.
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“The Canadian rental market is heading into the peak summer season under a weak economic backdrop, a decreasing population, and record apartment completions, which are all working together to keep rent increases softer than what is typical for this time of year,” said Shaun Hildebrand, president at Urbanation.
“This should offer continued relief for renters after years of outsized rent inflation.”
According to Rentals.ca, the average asking rent for a one-bedroom rental in Vancouver is $2,385 per month, down 6.3 per cent compared to May 2025. A two-bedroom rental has an average asking price of $3,330 per month, down 0.8 per cent year-over-year.
The average rent in Vancouver sits at $2,712, making it the second most expensive city to rent in Canada’s top rental markets.
Rentals.ca
It was beaten out by North Vancouver, which sits at number one with a total average rent of $2,927.
Coquitlam, Burnaby, Langley, and Victoria also landed on the top 20 most expensive places to rent in the country.
It is also the 20th consecutive month of year-over-year declines in asking rent in Canada, with B.C. being only one of two provinces seeing rent declines over the past three years.
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“At the provincial level, annual apartment rent declines were concentrated in Canada’s largest provinces, led by British Columbia (minus 5.4 per cent), Ontario (minus 5 per cent), and Alberta ( minus 4.7 per cent),” the report stated.
“Nova Scotia stood out as the most expensive province for purpose-built and condominium apartments at an average of $2,343, overtaking British Columbia. Saskatchewan continued to lead long-term rent growth, with apartment rents increasing 26.2 per cent over the past three years.”
The full Rentals.ca National Rent Report can be found online.
Those looking to one day own a home in Vancouver may encounter some financial roadblocks.
According to Desjardins, Vancouver is starting to resemble major cities like London, New York, and Sydney due to the fact that home ownership is reaching “impossibly unaffordable” levels.
The financial services company recently published an economic viewpoint comparing both Vancouver and Toronto to global cities where housing affordability and homeownership rates are much worse than national levels.
“In Toronto and Vancouver, renting may no longer be a temporary stop on the way to ownership. For a growing share of families, it may be a long-term — sometimes permanent— living situation driven by elevated prices relative to income,” reads the report.