Vancouver and other parts of the province have seen rent declines for quite some time, but there seems to be a small shift taking place in the opposite direction.
Rentals.ca put out its latest report looking at average asking rent prices across Canada, and while rent is down in Vancouver compared to 2022, compared to the start of 2026, it’s going up.
“In Vancouver, while rents have increased slightly since January, they remain lower than in April of 2022, following 28 months of year-over-year declines,” Rentals.ca says.
The monthly report is based on the average asking rent for available units on the Rentals.ca platform as of March 2026.
North Vancouver continues to be the most expensive place to rent in Canada. The average asking rent for all unit types in North Vancouver was $2,971 in March. The average asking rent for a one-bedroom unit was $2,462, a slight decrease compared to February 2026. Year over year, that marks a -7.7 per cent drop.
Two-bedroom units in North Vancouver reached $3,358 in March, a 0.9 per cent increase compared to February, and a -3.3 per cent drop compared to 2025.
Vancouver saw an increase in both one and two-bedroom units. In March 2026, all unit types reached an average asking rent of $2,715. One-bedroom units rose to $2,400, a one per cent increase compared to February 2026. Year over year, that represents a -5.2 per cent drop. Two-bedroom units hit $3,355, a 2.0 per cent increase compared to February 2026, and a -2.2 per cent drop compared to March 2025.
In January 2026, the average asking rent for a one-bedroom unit on Rentals.ca was $2,362, so this month’s report marks nearly a $40 increase.
Metro Vancouver cities make up 4 of the top five most expensive places to rent in the country.
Rentals.ca
Vancouver sees big rent declines in a few categories
Matthew James Ferguson/Shutterstock
While Vancouver has seen a small increase in average asking rent since the start of the year, it has seen significant drops in several categories, the biggest among the six major Canadian markets (including Calgary, Montreal, Toronto, Ottawa and Edmonton).
For example, Vancouver saw the largest decline for studios, dropping 6.8 per cent to an average asking rate of $2,100. It also saw the largest drop in three-bedroom units, with a six per cent drop to a new average of $3,936.
Out of the six major markets, Vancouver also saw the largest declines in rent for shared accommodations, dropping by a whopping 16.3 per cent to $1,125, still the second-most expensive in Canada behind Toronto ($1,143).