Vancouver’s rent prices have dropped for a 13th month in a row

Yes, Vancouver remains the most expensive place to live in Canada, but the new Canadian Rent Report is out, and November marks the 13th month in a row that the average rent has fallen!

According to Zumper, rent in Vancouver is experiencing a “continued downward trend,” a pattern that extends to many of the country’s most expensive housing markets.

What is the current average rent in Vancouver?

A one-bedroom unit in Vancouver is now down 3.8 per cent compared to 2024, bringing the average rent to $2,500 per month. The rent for a two-bedroom unit has dropped to $3,350, a 6.9 per cent annual drop.

Burnaby’s market follows close behind with one-bedrooms now costing $2,300 on average (down 3.4 per cent annually) and two-bedrooms costing $2,800 (down 8.2 per cent annually).

Finally, B.C.’s next most expensive market, Victoria, has seen a 4.7 per cent rent decline for one-bedrooms (now $2,010 per month) and a 5.8 per cent decline for two-bedrooms ($2,620 per month).

Which Canadian cities are experiencing the greatest rent decreases?

The cities with the largest annual rent declines, however, are all in Ontario. Toronto led the way with a 9.6 per cent drop in average one-bedroom rent to $2,170, followed by Barrie with an 8.2 per cent drop, and London with an eight per cent decline.

Overall, the average rent for a one-bedroom in Canada decreased by 4.2 per cent compared to last year (now $1,809 per month), while two-bedrooms dropped by 4.1 per cent ($2,234 per month).

This period of rent drops represents a significant shift in Canada’s housing market, as the Zumper report marks the 13th consecutive month of yearly rent declines for both bedroom types.

“The consistency of these declines suggests a structural cooling rather than a seasonal fluctuation,” states the report. “Whether through increased rental supply, economic uncertainty dampening demand, or changes in population distribution, renters are experiencing their first extended period of improved affordability in years.”

Let’s hope this “cooling” trend only intensifies in the coming months.

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