Vancouver just had the largest rent decline in all of Canada
The cost of living in B.C. can be an expensive one, with many residents using different strategies to make ends meet. But things may be looking up for Vancouver renters looking to stretch their wallets further.
A new report from Rentals.ca reveals that asking rents for Vancouver apartments have dropped the most compared to other parts of Canada.
According to the latest National Rent Report created by Rentals.ca and Urbanation, British Columbia is also the province with the steepest rent decline in the country.
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“Among Canada’s six largest rental markets, apartment rents declined across all cities in April, led by Vancouver,” Rentals.ca said in its report.
“Vancouver experienced the steepest declines across several unit types, including one-bedroom and three-bedroom apartments.”
According to Rentals.ca, the average asking rent for a one-bedroom rental in Vancouver is $2,358 per month, down seven per cent compared to April 2025. A two-bedroom rental has an average asking price of $3,317 per month, down 2.8 per cent year-over-year.
The average rent in Vancouver sits at $2,679, which is a 5.3 per cent dip compared to last year at this time. It is also a higher drop compared to the national average.
Rentals.ca
North Vancouver is the most expensive municipality in Canada to rent, with the average asking rent for a one-bedroom rental reaching $2,523 per month and a two-bedroom rental hitting $3,358 per month.
Burnaby, Coquitlam, Langley, and Victoria also made the top 20 most expensive places to rent in the country.
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It is also the 19th consecutive month of year-over-year declines in asking rent in Canada, with B.C. being only one of two provinces seeing rent declines over the past three years.
“The largest apartment rent decreases in the past year were seen in B.C. (-5.9 per cent, $2,336), Ontario (-5.2 per cent, $2,216), and New Brunswick (-3.9 per cent, $1,472),” added Rentals.ca
While Metro Vancouver cities still make up some of the most expensive places to rent in the country, prices have been trickling down over the past few years — and some people are taking advantage of it.
A renter found an opportunity to get his rent lowered, and it paid off.
The full Rentals.ca National Rent Report can be found online.