Two Metro Vancouver cities see rent rise as others fall to historic lows
It’s the same story we’ve been hearing for most of the year, as rent in Vancouver continues to drop and has fallen to the lowest level in over three years.
The latest report from Rentals.ca, which looks at average asking rents across the country in November, states that rent in Vancouver hasn’t been this low since March 2022.
“Rents fell in all six major markets, with Vancouver and Toronto at their lowest levels in over three years, and Calgary at a 22-month low,” Rentals.ca’s latest report says.
Nationally, Rentals.ca says that asking rent rates saw their most significant month-over-month drop of the year, with a 1.5 per cent decrease compared to October.
North Vancouver leads the way again as the most expensive place to rent in Canada. In November, the average asking rent for a one-bedroom unit in North Vancouver dropped to $2,493 per month, a 1.8 per cent decrease compared to October. The total average asking rent in North Vancouver for all bedroom types was $3,018.
In Vancouver, rent for a one-bedroom unit fell to $2,407, a 1.8 per cent decrease compared to October. That’s also a five per cent decrease compared to November last year. The total average rent in Vancouver for all bedroom types was $2,696 per month, a fair bit lower than in North Vancouver.
Vancouver did see an increase for two-bedroom units, which rose to $3,284 per month in November, a 0.5 per cent month-over-month increase.
“Purpose-built rents remained the most stable and affordable, with a modest two per cent annual decline to $2,060. Three-bedroom purpose-built rents rose 2.5 per cent annually to an average of $2,743,” Rentals.ca’s report states.
“Apartment rents in Vancouver fell on an annual basis for the 24th consecutive month to reach their lowest level since March 2022, dropping 14.5 per cent over the past three years.”
While most cities continued this trend that we’ve been seeing for most of the year, of month-over-month decreases, that wasn’t the case for every Metro Vancouver city.
Two cities actually saw month-over-month increases, including Coquitlam and Langley.
A one-bedroom unit in Coquitlam reached $2,172 in November, marking a 0.5 per cent increase compared to October. Meanwhile, a one-bedroom unit rose to $1,986 per month in Langley, a 2.2 per cent month-over-month increase. While Oakville, Ont., is a fair bit cheaper than Vancouver for one-bedroom units, it’s not too far off when looking at the average rates for all bedroom types.
Rentals.ca
Despite the ongoing trend of rents falling, Metro Vancouver rates are still a far cry from the levels that they’re at in places like Edmonton. A one-bedroom unit in Edmonton was renting for an average of $1,289 in November, over $1,100 cheaper than in Vancouver.