Two Metro Vancouver cities claim unwanted title as Canada's priciest places to rent

The asking rent across Canada has continued to drop year-over-year, but renters in two Metro Vancouver cities still pay the highest prices in the country.

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 holds onto the top spot for the priciest one-bedroom rentals at a median $2,520 per month, up slightly by 0.8 per cent. Two-bedroom rentals held steady month-over-month at a median $3,450.

Burnaby remains the city with the second-highest median asking rent nationwide, with median asking rent at $2,300 and $2,900 for one-bedroom and two-bedroom apartments, respectively.

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According to Zumper, Vancouver’s asking rent for one and two-bedroom units are down 5.3 per cent and 8 per cent since this time in 2024.

“This report marks the fifth consecutive month of accelerating declines in annual rates for both bedroom types,” stated Zumper. “The continued and intensifying downward trend is likely driven by a mix of growing supply and softening demand.

“High cost-of-living pressures, especially in Canada’s most expensive rental markets like Vancouver and Toronto, have kept many renters cautious, leading to slower leasing activity.”

Zumper

Victoria, Kelowna, and Abbotsford also rank among the top 20 most expensive markets for renters in Canada.

Zumper pointed to a slowed population growth as a reason behind the declining rental prices across the country, as well as new rental completions and purpose-built inventory added to the market to ease competition.

“Together, these factors signal a broader market correction after several years of rapid rent increases.”