Suburbs dethrone Vancouver as Canada’s most expensive place to rent
Vancouver has been dethroned in a new Rentals.ca report that also shows other Metro Vancouver cities in the running for the title of the most expensive place to rent in Canada.
Rentals.ca’s April report, which analyzed average asking rental rates around Canada for March, shows North Vancouver is now the most expensive place to rent on its platform.
Vancouver dropped into the number two spot, while Burnaby and Coquitlam rounded out the top four.
- You might also like:
- Mayor Ken Sim vows to 'do better' after Vancouver City Council by-election result
- TransLink proposing to build nine towers with 3,400 homes, a hotel, and office uses at Coquitlam Central SkyTrain station
- Bus size upgrades coming to two TransLink bus routes this month
In North Vancouver, the average asking rent for a one-bedroom apartment reached $2,667. That marks a 1.6 per cent increase compared to the month prior but a 1.4 percent decrease compared to March 2024.
North Vancouver was also the most expensive city to rent a two-bedroom unit, with the average asking rent reaching $3,471 in March. That was a decrease both month-over-month and year-over-year.
“The improvement in rents during March can be related to a seasonal increase in demand following a slowdown in lease activity during the winter months. As well, renters may have become more active due to the recent improvement in affordability,” Rentals.ca says in the report.
How does Vancouver compare? While the city saw some notable drops, it’s still likely not what most average-income earners would consider affordable.
Vancouver saw a slight increase of 0.5 per cent for a one-bedroom unit in March compared to February, reaching $2,531, a 3.9 per cent decrease year over year. The average asking rent for a two-bedroom saw both monthly and yearly decreases, reaching $3,430.
According to the Rentals report, Coquitlam ranks as the third most expensive Metro Vancouver city to rent in. Average asking rates for a one-bedroom unit reached $2,438 in March. Two-bedroom units are way cheaper in Coquitlam than in North Vancouver and Vancouver. The average asking rent for a two-bedroom unit in March was $2,932.
Burnaby saw rents drop a decent amount compared to February. A one-bedroom unit reached $2,336 in March, and the average rent for a two-bedroom unit reached $3,024.
Several other Metro Vancouver cities, including Langley and New Westminster, saw notable decreases in average asking rental rates.
For a one-bedroom unit, year-over-year, rent in Langley fell by 12.9 per cent, and dropped by 8.3 per cent in New West.
Rentals.ca
Rentals.ca notes that B.C. and Ontario remain the most expensive provinces, while Saskatchewan and Alberta are the most affordable.