Average rent in Vancouver has undergone a drastic shift since 2023
Over the past two years, no major Canadian city has experienced a more significant shift in average asking rent than Vancouver.
According to the latest Rentals.ca report, which examines average asking rents in August, rents have declined nationally for the 11th consecutive month.
Vancouver actually saw a very slight (0.1 per cent) uptick in average asking rents in August compared to July. It also still trails North Vancouver, which is currently the most expensive place in Canada to rent a one-bedroom unit.
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In August, the average one-bedroom apartment in North Vancouver was $2,621, representing a 0.3 per cent decrease compared to July 2025 and a 3.3 per cent decrease since August 2024.
Average asking rents for two-bedroom units also decreased in North Vancouver by 1.3 per cent compared to July and 1.6 per cent compared to August 2024.
Vancouver saw the average one-bedroom unit go for $2,515 in August, the second-most expensive in Canada. That’s a massive 8.1 per cent decrease compared to last year. While it trails North Vancouver in terms of the cost to rent a one-bedroom unit, Vancouver is the most expensive place in Canada to rent a two-bedroom unit. The average asking rent for a two-bedroom unit in Vancouver reached $3,489 in August.
Vancouver also remains the most expensive place to rent in Canada, based on the average for all rental types (one-bed, two-bed, etc.) combined.
Rentals.ca notes that, when examining rental data in Vancouver over the past two years, the decline in rent amounts is even more significant.
“Vancouver and Toronto apartments have fallen over the past two years by 15 per cent and 10.1 per cent, respectively, with three-year declines of 9.7 per cent and 2.2 per cent,” Rentals.ca states.
In August 2023, Vancouver had an average asking rent of $2,988 for a one-bedroom unit, according to Rentals.ca. You can check out the September 2023 Rentals.ca report online to compare the differences between August 2023 and August 2025.
Rentals.ca
The shift in prices since 2023 really puts into perspective just how expensive Vancouver rentals have been and continue to be. Although these figures reflect significant average rent decreases, many Vancouver rentals remain out of reach for a substantial portion of the population, particularly those who are unable to earn a living wage.
Additionally, despite the average asking rent dropping nationally year-over-year by 2.3 per cent in August, “average asking rents remained one per cent above levels from two years ago, reflecting lingering upward pressure over the long term,” Rentals.ca states.