B.C. cities see large rent decreases while Vancouver reports much smaller drop
Asking rent in B.C.’s most expensive rental markets continues to drop, but renters are still paying some of the highest prices in Canada.
Zumper, a digital marketplace for renters and property managers, has released its latest rent report, which tracks asking rent prices on sites with apartment listings.
Vancouver remains home to the priciest one-bedroom rentals in the country, with a median price of $2,500 per month in November. This is down by nearly four per cent compared to this time last year.
However, another major B.C. city saw an even larger year-over-year drop in asking price for one-bedroom rentals.
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Kelowna, which is also in the top 10 most expensive cities to rent in Canada, saw its median price for one-bedrooms dip seven per cent compared to 2024, down to $1,860.
Another B.C. city also beat out Vancouver for the distinction of the largest drop in asking rent for two-bedroom apartments.
Burnaby’s median price for two-bedroom suites sank 8.2 per cent compared to last November, sitting at $2.800.
Vancouver still has the highest two-bedroom rents in the country, with an average asking price of $3,350. That number is down 6.9 per cent year over year.
Zumper
According to Zumper, the country’s priciest markets are experiencing the biggest declines in rent, while cities in the Prairie provinces are showing relative stability.
“This stark contrast between the cooling coastal markets and resilient Prairie cities may be reflecting broader economic patterns, with resource-based economies and more affordable markets attracting renters.”
Victoria also cracked the top five most expensive markets for renters in Canada, and Abbotsford ranked in the top 15.
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“This report marks the 13th consecutive month of yearly rent declines for both bedroom types, marking a full year of sustained rent declines,” explained Zumper.
“This extended period of rent deflation represents a notable shift in Canada’s housing market, offering some relief to renters after years of steep increases. The consistency of these declines suggests a structural cooling rather than a seasonal fluctuation.”