North Vancouver has surpassed Vancouver proper as Canada’s most expensive city to rent in, according to a new report.
Rentals.ca’s April 2024 National Rent Report pegs the average asking rent for a one-bedroom North Vancouver apartment at $2,704. That’s about $70 more than the average asking rent it calculated for a one-bedroom apartment in Vancouver of $2,633.
According to the report, tenants looking to rent a two-bedroom in North Vancouver face an average asking price of $3,662. Those in Vancouver see a slightly cheaper average of $3,611.
According to Rentals.ca, asking rents in North Vancouver are, on average, 6% higher than they were this time last year.
Meanwhile, in Vancouver, asking rents have actually gotten slightly cheaper than in April 2023 — decreasing by about 1.1% for one and two-bedroom units.
Rentals.ca
Vancouver average asking rents fall below $3,000 for the first time in two years
By Rentals.ca’s calculations, this month was the first time average asking rents in Vancouver fell below $3,000 since July 2022.
“Asking rents for purpose-built and condominium apartments in Vancouver declined on a year-over-year basis for the fourth consecutive month, down 4.9% in March to an average of $2,993,” the report said.
Rentals.ca
It’s even expensive to live with roommates in BC — costing, on average, $1,195 for a room in a shared accommodation.
“Unsurprisingly, the most expensive of Canada’s largest cities had the highest asking roommate rents, averaging $1,416 in Vancouver and $1,273 in Toronto.”
Vancouver’s rental prices are still the highest among Canada’s largest cities, and BC municipalities take up six of the top 10 spots for most expensive cities to rent in across Canada.