Metro Vancouver city has one of the steepest rent declines in Canada
Several B.C. cities are among the most in-demand locations for those looking for housing. But only one Metro Vancouver destination ranks among the top spots in Canada for annual rent declines in a new national report.
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 holds onto the top spot for priciest one-bedroom and two-bedroom rentals in the country, with a median price of $2,400 and $3,300 per month, respectively, in October. This represents minimal change compared to the previous month.
However, compared to the same period in 2025, the median price for the two Vancouver housing types is down four per cent and 1.5 per cent, respectively.
However, another city in the region is ranked among the largest annual drops in asking rent prices in Canada.
AlbertArt/Shutterstock
- You might also like:
- Metro Vancouver and Fraser Valley home sales forecast to rebound in 2027
- Vancouver is one of the best cities in the world for Gen Z
- Major traffic restrictions coming to Surrey highway for SkyTrain construction
Burnaby, which is the second most expensive city to rent in Canada, saw its October median price for one-bedrooms dip 8.7 per cent compared to 2025, down to $2,030.
Two-bedroom units in Burnaby also saw a decrease in asking price, down 7.1 per cent year-over-year.
According to Zumper, Burnaby joins Quebec City and Hamilton as the three Canadian cities with the steepest rent declines.
“Burnaby is where Greater Vancouver’s oversupply is hitting hardest,” said the digital marketplace.
“The defining force in Vancouver is supply. CMHC’s most recent annual survey put Metro Vancouver’s purpose-built vacancy rate at 3.7 per cent, its highest level since 1988, as a record wave of newly completed rental units met softer, immigration-constrained demand. That pipeline should keep downward pressure on rents into 2027.”
Zumper
A number of other B.C. cities are among the most expensive rental markets in the country, including Abbotsford.
Asking rent for a one-bedroom in the Fraser Valley city jumped up 2.5 per cent year-over-year to place it in the top three cities for the fastest rent growth.
“Annual rent growth has vanished from Canada’s big, expensive markets and migrated to its affordable secondary cities,” explained Zumper.
The full Canadian Rent Report can be found online.