Metro Vancouver Still Canada’s Priciest Rental Market, Even as Rents Ease

Metro Vancouver held its place as the most expensive rental market in the country this July, even as asking rents kept easing from a year earlier. That is the headline from the latest National Rent Report by Rentals.ca and Urbanation, released August 6. Rents are still coming down, but the pace of the decline is starting to slow.

For renters, buyers and owners across Greater Vancouver, this is a market that is cooling without collapsing. Here is what the numbers actually show, and what they mean if you are making a move over the next few months.

North Vancouver leads the country

North Vancouver recorded the highest average asking rent among major markets in Canada. A two-bedroom apartment there listed at $3,458 in July, down 1.7 per cent from a year earlier. One-bedroom units averaged $2,588, a 1.5 per cent annual decline. Both figures fell, but far more gently than the regional average, which tells you demand on the North Shore remains firm.

The City of Vancouver ranked second nationally, with an average asking rent of $2,686 across all unit types, down 4.8 per cent year over year. So the region holds the top two spots in the country even while prices retreat. You can browse current Greater Vancouver listings here.

Where the rest of Metro Vancouver sits

Five of the priciest rental markets in Canada are still in British Columbia. The retreat in rents has been real, but it has not made the region cheap by national standards.

The national picture, and why the trend is shifting

Across Canada, the average asking rent for all property types was $2,037 in July, down 4.0 per cent from a year earlier. That marks the 22nd straight month of annual decline. The important detail is the direction of the trend: this was the smallest annual drop since February 2026, so the pace of decline is easing.

Atlantic Canada was the only region to post annual rent growth, with average asking rents up 6.5 per cent. Over the past three years, B.C. has recorded the largest decline in average rents in the country, down 10.1 per cent, followed by Ontario at 7.9 per cent. Several other provinces saw rents rise over the same period.

Not every rental behaves the same way

The type of home matters a great deal in this market. Purpose-built rentals held up best, slipping just 2.6 per cent year over year to $2,041, with three-bedroom purpose-built units essentially flat. Condo rents fell harder, down 6.3 per cent to $2,063, led by a 9.6 per cent drop in studio condo rents. The steepest decline came from other secondary-market rentals such as houses and townhomes, where average rents dropped 7.5 per cent to $2,007.

In plain terms, purpose-built apartment buildings are proving the most resilient, while the investor-owned condo and house rental pool is where tenants are finding the biggest breaks.

What this means for you

If you rent: you have more room to negotiate than you did a year ago, particularly in the condo and house segment. But with the annual decline slowing, the window of falling asking rents may be narrowing. If you find the right unit, it is worth acting rather than waiting for a much larger drop that may not arrive.

If you are thinking about buying an investment property: softer rents change the math. A pro forma written on last year’s numbers no longer holds, so run your projections on today’s asking rents, not last year’s. The upside is that purchase competition has also cooled, which can improve your entry point. It helps to talk through the numbers with a local agent before you commit.

If you own a rental: B.C.’s allowable rent increase for existing tenancies is capped at 2.3 per cent for 2026, while market asking rents on new leases have softened. Pricing a vacant unit realistically now tends to fill it faster and reduce costly vacancy, especially in the condo and townhome category.

For more Greater Vancouver market updates, see our latest reports and neighbourhood insights.

Tags: Metro Vancouver rentals  ·  North Vancouver rent  ·  Burnaby rent  ·  Coquitlam rent  ·  Vancouver rental market  ·  B.C. real estate  ·  rental market update  ·  July 2026