Vancouver rent drops to a two-year low, still highest in Canada
Canada’s rent deceleration has continued for the sixth month in a row, but Vancouver renters still pay the highest price 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 remains in the top spot for the priciest one-bedroom rentals at a median $2,500 per month, down 1.6 per cent in March. Two-bedroom rentals also saw a slight dip month-over-month to $3,450, up 1.10 per cent.
According to Zumper, Vancouver’s asking rent is at the lowest level since January 2023, which marks an over two-year low.
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“The era of double-digit annual rent increases seen in the last few years appears to be over,” said Zumper in the report. “The highest annual growth now comes from Saskatoon at just 5.7 per cent, while rent drops were noticeably more pronounced, with Calgary leading the way, down 9.8 per cent year-over-year.”
Vancouver’s year-over-year rent drop currently sits at -5.70 per cent for a one-bedroom and -9 per cent for a two-bedroom.
Burnaby remains the city with the second-highest median asking rent nationwide, with average asking rent coming in at $2,300 and $2,990 for one-bedroom and two-bedroom apartments, respectively.
Victoria, Kelowna, and Abbotsford also make the top 20 most expensive markets for renters in Canada.
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“This report’s Canadian national rent index declined both month-over-month and year-over-year for the sixth consecutive month, signaling a broader cooling across the rental market,” added Zumper. “This sustained slowdown can be attributed to a combination of factors, including increased supply in some markets, shifting migration patterns, and affordability constraints that have pushed renters to seek more cost-effective options or delay moves altogether.
“Additionally, economic uncertainty may be tempering demand, as some potential renters may opt to stay in their current units longer rather than potentially face costs related to finding new housing.”