The newest data from Rentals.ca highlights a continued trend we’ve seen from the last several reports, with Vancouver no longer the most expensive city to rent in Canada.
That honour goes to North Vancouver, which for the fifth straight month has been the most expensive city to rent in.
Rentals.ca’s August report looks at national rental trends from July 2025.
In July, a one-bedroom apartment in North Vancouver saw an average asking rent of $2,630, a 1.2 per cent increase compared to June 2025 and a 3.1 per cent decrease compared to July 2024.
North Vancouver was also the most expensive city to rent a two-bedroom unit, with an average asking rent of $3,500 per month, a 2 per cent decrease compared to June 2025, and a 0.1 per cent decrease compared to July 2024.
That doesn’t mean Vancouver isn’t crazy expensive.
In July, a one-bedroom unit in Vancouver saw an average asking rent of $2,513 per month, which was a 1.0 per cent drop compared to June 2024, and a whopping 9.5 per cent drop compared to July 2024.
Two bedrooms were slightly less than in North Vancouver last month. In July, the average asking rent for a two-bedroom unit in Vancouver was $3,488, which marked a slight increase of 0.5 per cent compared to June 2025, and another significant decrease of 7.1 per cent compared to July 2024.
B.C. cities rounded out the top three most expensive markets in Canada, with Coquitlam being the third-most expensive city to rent in. In July, a one-bedroom unit in Coquitlam was $2,328, marking a 0.8 per cent drop compared to June 2025, and a 0.5 per cent drop compared to July 2024.
Two-bedroom units in Coquitlam are way cheaper than in both Vancouver and North Vancouver. In July, the average asking rent for a two-bedroom unit in Coquitlam was $2,940 per month.
Burnaby also saw a significant drop year-over-year. In July, the average asking rent in Buranby for a one-bedroom unit was $2,288, a 11.6 per cent drop compared to July 2024.
Nationally, rents in Canada are down 3.6 per cent from last year.
Rentals.ca
The latest liv.rent data also corroborates the Rentals.ca analysis, as it puts North Vancouver slightly above Vancouver for average rent for a one-bedroom unit in the July report.