Report finds Vancouver rents falling

Here’s something that hasn’t happened since last November — rents have actually started to fall in Vancouver, according to the latest report from listings company Zumper.

Zumper’s Canadian Rent Report for October shows the median rate for a one-bedroom apartment in the city has come down off its latest all-time high, falling $20 from August to September to $2,800.

However, the median price for a two-bedroom place still went up 1.5 per cent to reach $3,960.

The report suggests the slowdown might be due to the end of the back-to-school rush, or it could be that the ceiling has been hit for what Vancouver renters are willing to pay.

Year-over-year, one- and two-bedroom rents are up 12 and 9.1 per cent, respectively, and Vancouver remains the priciest city in Canada for renters.

Zumper ranks Burnaby in third place, right after Toronto.