Vancouver’s average rent for one-bedroom listings dips slightly

It’s not a lot, but the average rent for a one-bedroom unit listed in Vancouver has actually gone down a little.

But, to put it in context, the latest national report from Rentals.ca shows the city is still the most expensive in Canada as the national average hit a new record high for August.

According to data from the online listing service, there was a 0.8 per cent drop in the asking price for a one-bedroom home in Vancouver compared to July, dropping below the $3,000 mark to $2,988. There was also a one per cent monthly decrease for a two-bedroom unit — down to $3,879.

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However, those figures are still way up from a year ago — 13 per cent and 9.5 per cent, respectively — and still well above the national average.

“Average asking rents in Canada increased 1.8% monthly and 9.6% annually to reach another record high of $2,117 in August. While the annual rate of inflation for asking rents was lower than the 12.0% increase recorded a year ago in August 2022, it represented a four-month high,” the report explained.

With Vancouver still the most expensive city for rentals in Canada, Toronto ($2,620, up 1.1 per cent) follows at number two, with Burnaby ($2,555, up 0.6 per cent) coming in third spot.

Other B.C. cities toward the top of the list include Kelowna in 9th place, Victoria at 11th, followed by Langley and Surrey at 14th and 15th.