Vancouver rents decline year-over-year as April asking rent prices up 9.3% across Canada: report

A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.

The report by Urbanation and Rentals.ca, which analyzes monthly listings from the latter’s network, says the average asking rent for all home types was $2,188 last month.

Vancouver continued to be the most expensive place to rent in Canada, with Burnaby the second most expensive place — eclipsing Toronto.

The annual growth rate accelerated from an 8.8 per cent increase recorded the previous month. Asking rents were up 0.3 per cent month-over-month.

Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,915 in April, up 11.6 per cent from a year ago, while the average asking price for a two-bedroom unit was $2,295, up 11 per cent from April 2023.

Overall, asking rents for purpose-built rental apartments in April increased 13.1 per cent compared with a year earlier to reach an average of $2,124. Condominium apartment rents averaged $2,331, up 3.8 per cent.

All provinces recorded month-over-month and year-over-year increases in asking rents, however, both one-bedroom and two-bedrooms rentals in the City of Vancouver have dropped year-over-year, according to the report.

The average one-bedroom rental in Vancouver now sits at $2,646 — a decline of 5.1 per cent year-over-year. While a two-bedroom rental in the most expensive city in Canada is now averaging $3,605 — a decline of 3.6 per cent year-over-year.