Rent in Vancouver hits lowest rate in almost four years but still not cheap
Rent for an apartment in Vancouver fell to a four-year low, according to the latest national report from Rentals.ca.
According to the national report, looking at the six largest markets in Canada, which include Toronto, Calgary, Edmonton, Montreal, and Ottawa, rent in Vancouver fell the most, dropping 9.2 per cent over the past year and 16.5 per cent over the past three years.
“At an average of $2,630, Vancouver apartment rents were at their lowest since February 2022, declining on an annual basis for 26 straight months,” the report adds.
A one-bedroom unit reached $2,362 in Vancouver last month, representing a 1.2 per cent decrease compared to December 2025 and a 6.3 per cent decrease compared to January 2025.
Two-bedroom units in Vancouver also saw some movement compared to last year.
In January 2026, the average asking rent for a two-bedroom unit hit $3,279 per month in Vancouver. That’s a 0.7 per cent increase compared to December 2025, but a 4.8 per cent decrease compared to January 2025.
Rentals.ca data shows that in B.C., the most expensive place to rent is North Vancouver, where a one-bedroom apartment hit an average asking rent of $2,469 in January, no change compared to the previous month. Year-over-year, that represents a 6.9 per cent decrease.
For all apartment types in North Vancouver, the average asking rent was $2,958 last month.
Rent in Burnaby fell significantly both month-over-month and year-over-year.
In January 2026, the average asking rent for a one-bedroom unit in Burnaby fell to $2,144 per month, a 2.5 per cent decrease compared to December 2025, and a 7.6 per cent decrease compared to January 2025.
Rentals.ca
Meanwhile, in comparison, a two-bedroom unit in Edmonton reached just $1,619 per month last month.
The rate at which rents are falling is slowing, according to Rentals.ca.
“Asking rents for all property types in Canada fell to a 31-month low of $2,057 in January, declining on an annual basis for the 16th consecutive month. This surpassed the 15 months of rent declines experienced during COVID. However, the annual rate of decline slowed for the third consecutive month, with the two per cent year-over-year decrease representing the smallest annual decline since November 2024,” the report states.
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