Vancouver rental prices continue to decrease; still most expensive in Canada
Posted February 6, 2025 12:03 pm.
Last Updated February 6, 2025 12:04 pm.
The average rental price in Canada has fallen to $2,100 reaching an 18-month low, but Vancouver remains the most expensive place to live in the country.
A report by Rentals.ca Thursday says January represented the fourth straight month of declines nationwide — and a decline of 4.4 per cent compared to last year.
As always, rental prices in Vancouver stand well above average and at the top of the list for Canadian cities. The report for February shows the average asking rent for a one-bedroom in Vancouver is $2,522 per month, and $3443 for a two-bedroom.
“In Vancouver, apartment rents have declined for 14 consecutive months, down 5.2% annually in January to an average of $2,896. Rents in Vancouver have dropped by a total of 13%, or $443 per month, since reaching a record high of $3,340 in July 2023,” said the report.
Vancouver is followed closely by Toronto and Burnaby, and Victoria rounds out the top 10.
Rentals.ca says the secondary rental market continues to drive the majority of decreases in Canada. Meanwhile, purpose-built rentals continue to increase in price.
