Vancouver rental prices drop 14 months in a row, still most expensive in country | Daily Hive

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Despite over a year of consecutive monthly price drops in Vancouver’s rental market, the city is still the most expensive to rent in the entire country.

According to the latest Rentals.ca report, which looks at numbers from January 2025, Vancouver saw a year-over-year drop for one-bedrooms, two-bedrooms, and three-bedrooms.

And despite that, compared to the rest of Canada, three of the top 10 most expensive cities to rent in Canada are in BC.

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“In Vancouver, where rents have now fallen for 14 consecutive months, the average asking rent declined 5.2% year-over-year to $2,896. Since reaching a peak of $3,340 in July 2023, Vancouver’s rents have fallen by a total of 13%, equating to a $443 monthly reduction.” Rentals.ca says in its report.

Burnaby is the third most expensive city for renters in Canada, with one-bedroom units listed at an average of $2,320. That represents a month-over-month reduction of 2% and a change of 9.1% from a year ago.

On Vancouver Island, the asking rent in Victoria remained steady with the average for a one-bedroom unit reaching $2,083.

Skylines of downtown Vancouver (background) and Burnaby’s Brentwood Town Centre (foreground). (EB Adventure Photography/Shutterstock)

“The downward trend in rents was evident across most unit types, particularly in Toronto and Vancouver, where two-bedroom apartment rents declined 8.1% and 7%, respectively,” reads the report.

Toronto, Oakville and Mississauga rounded out the top five most expensive Canadian cities to rent in the Rentals.ca report.

The report also shows that the average asking rent for all residential properties across the country dropped to $2,100, a 4.4% annual decline and an 18-month low. However, the average asking rents are still 5.2% above two years ago and 16.4% higher than three years ago.