Average rent prices in the City of Â鶹´«Ã½Ó³»may be falling, but the market isn't exactly affordable.
A new study by Zumper, an online marketplace for renters and property managers, shows that B.C.'s biggest city is the most expensive city to rent in Canada (and it has been for several months).
However, the study also indicates a downward pricing trend, despite the city topping the list of Canada's most expensive markets.
The April 2025 states that Vancouver's one-bedroom rent fell 1.6 per cent to $2,500, while two-bedroom rents dropped 1.1 per cent to $3,450. Year-over-year, price drops were more dramatic, falling by 2.7 and nine per cent, respectively.
Vancouver's one-bedroom average rents are also at "the lowest level since January 2023, marking an over two-year low," according to the report.
Burnaby and Toronto had the second-priciest one-bedroom units, with rents priced at $2,300. Additionally, both markets had similar prices for two-bedroom units, with Burnaby's averaging $2,990 and Toronto's averaging $2,900.
A third B.C. city was included in the top five most expensive markets. Victoria remained the fourth most expensive city, with one-bedroom rent increasing a slight 0.5 per cent to $2,070. Rents for two-bedrooms averaged $2,750 in B.C.'s capital.
Halifax rounded out the top five cities with one-bedroom rent dipping 2.4 per cent to $2,010. Nova Scotia's capital's two-bedroom units averaged $2,450.
Rents are down across Canada
For the sixth consecutive month, Canadian rents were "down on all fronts." One-bedroom units dropped in April by 0.8 per cent to $1,835, and two-bedroom units decreased by 0.9 per cent to $2,265.
Annually, one and two-bedroom rents are down 2.9 per cent and three per cent, respectively.
Zumper adds that the "era of double-digit annual rent increases seen in the last few years appears to be over," with the highest growth in Saskatchewan at just over 5.7 per cent.
The report's authors note that rent drops are more pronounced. Calgary has seen the biggest decrease, with rent decreasing 9.8 per cent year-over-year.
Toronto also saw a notable decline, posting the third-largest annual rent drop nationally, and the largest among Canada’s top 10 cities.
Zumper's rent report analyzed hundreds of thousands of listings last month to examine median rent prices across the 23 largest cities in the country.
