rents keep dropping in vancouver — but it's still the most expensive big market in canada
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north vancouver and vancouver continue to have the highest average rents in canada, despite another year-over-year drop in july.
nick procaylo
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a two-year trend of dropping rents continues across canada, most notably in vancouver, but the west coast city and its north shore neighbour remain the most expensive in the country.
in the latest national rent report from rentals.ca, canadian rents dropped four per cent year-over-year in canada to an average of $2,037 in july. it was the 22nd consecutive month in which rents declined, but the smallest drop since february.
north vancouver had the highest average rent in canada at $3,039, with vancouver coming in second at $2,686.
by contrast, rents have barely declined in canada’s biggest city, toronto, which is third-most expensive at $2,580. rents were down just under one per cent year-over-year, and rose by 1.5 per cent from june. it appears rents in toronto and across ontario are stabilizing after a prolonged price slump, according to rentals.ca.
the figures refer to asking price for available units, not rents paid by existing tenants.
b.c. is also the most expensive rental market, with a provincial average of $2,384 despite a 4.5 per cent drop year-over-year. atlantic canada was second at $2,298. all five other provinces had average rents below the national average of $2,037.
some other b.c. cities with rents in the top end: burnaby at no. 5 overall ($2,543, down 3.6 per cent year-over-year), coquitlam no. 6 ($2,526, down 3.4 per cent), victoria no. 14 ($2,307, unchanged year-over-year), langley no. 16 ($2,239, down 3.2 per cent), and new westminster no. 20 ($2,190, down 2.6 per cent).
b.c.’s second-most populous city, surrey, is just outside the top 20 most expensive rental markets at $2,167, down 5.7 per cent over a year ago.
one market just outside metro vancouver, the city of abbotsford, had a whopping 12.4 per cent annual drop in rents — the second-biggest drop in the country.
vancouver remains the most expensive rental market among canada’s biggest cities despite declines in recent months.
rentals.ca
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the general trend — after dropping to post-pandemic lows in march 2026 — it looks like rents have bottomed out. july was the fourth straight month with a small uptick in average rents.
overall, rents have gone down 7.5 per cent in the past two years. while annual declines are decelerating, most markets remain down year-over-year.
the report notes that rents for two- and three-bedroom units are either flat or rising in most markets, suggesting the rental crunch is hitting larger families hardest. in toronto, three-bedrooms were up nearly four per cent annually. by contrast, studio units in condos have experienced a nearly 10-per-cent annual drop.
purpose-built rentals have been the most stable of all housing types, dropping 2.6 per cent to an average of $2,041. rental condos were down 6.3 per cent to $2,063, while rentals in houses and townhomes had the steepest decline, dropping 7.5 per cent to $2,007.
this monthly rent report uses data based on monthly listings from the rentals.ca network of internet listings. it differs from the numbers shared by the canada mortgage housing corporation (cmhc) in that it covers both the primary and secondary rental markets, including basement suites, apartments, condos, townhouses, semi-detached and single-detached houses. cmhc data includes only purpose-built rental apartments and rental townhouses.
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