The average asking rent in Canada continues to decline in most major cities, and despite Vancouver experiencing the most significant drops of them all, it remains one of the most expensive places in the country.
Rentals.ca has put together its analysis of rent trends for September 2025 as part of its October rent report.
What it found is that, compared to September 2024, the average asking rent for a one-bedroom unit declined by 6.4 per cent to $2,501 per month. Two-bedroom units saw a 3.8 per cent drop compared to 2024, reaching $3,426, the most expensive in Canada.
On the flip side of being among the most expensive, Vancouver led all of Canada in the most significant rent decline, with an 8.2 per cent annual decrease.
These numbers continue a trend Daily Hive Urbanized reported on last month, following the release of the September rent report. In that report, based on August 2025 rental data, Rentals.ca noted that, when examining rental data in Vancouver over the past two years, the decline in rent is even more apparent.
Comparing the October 2023 Rentals.ca report to today’s report, we see more of the same. In the October 2023 report, which was based on September 2023 rental data, the average asking rent for a one-bedroom unit in Vancouver was $2,976 per month. Meanwhile, a two-bedroom unit was nearly $4,000 ($3,908).
That means the average rent for a one-bedroom unit in Vancouver has come down by $475, while a two-bedroom unit has dropped by $482. However, whether or not prices have come down to an affordable level depends entirely on your income.
North Vancouver remains the most expensive place for a one-bedroom unit, with an average asking rent of $2,570 per month, a decline of 6.1 per cent since September 2024. A two-bedroom unit in North Vancouver is slightly less expensive than in Vancouver, with an average monthly rent of $3,387 as of this September.
Rentals.ca
Not a single B.C. city saw an average asking rent increase compared to the previous month or year. Provincially, B.C. tied with Alberta for the most significant annual rent decline, both down 5.5 per cent.
“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.
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