This year was an interesting one when considering how the average asking rent in Metro Vancouver has changed.
With 2025 just around the corner, Rentals.ca has released its December report, which examines average asking rates around Canada in November.
After looking through the report archives, we see some interesting changes in Metro Vancouver since January, which are mostly good news for renters.
In November, the average asking rent for a one-bedroom apartment in Vancouver reached $2,534 monthly. Many would likely consider this number too high, but the average rent has steadily decreased since January of this year, when it was $2,700 per month.
Meanwhile, the average asking rent for two-bedroom units in Vancouver was $3,413, down from $3,660 in January.
Vancouver saw the most significant year-over-year drop compared to every Canadian city on the Rentals.ca report, with one-bedroom units falling by 11.6% compared to last year and two-bedroom units falling by 11%.
“Apartment rents declined on an annual basis for the 12th straight month in Vancouver, down 8.9% to an average of $2,888 — a 30-month low,” Rentals.ca says of all property types in Vancouver.
The numbers are similar for Burnaby. In November, the average rent for a one-bedroom unit was $2,378, a sizeable decrease from $2,600 in January. The drop wasn’t as significant for two-bedroom units in Burnaby, decreasing from $3,151 in January to $3,061 in November.
Rentals.ca
One BC city that actually saw an increase compared to the start of the year was Victoria. In January, the average rent for a one-bedroom in Victoria was $2,051. In November, the number grew to $2,091. Still, Victoria did see a year-over-year drop of 2.8% for one-bedroom units.
The cheapest BC city on the list is Nanaimo, where the average asking rent for a one-bedroom apartment was $1,773 in November. However, it is not as affordable as Edmonton, the cheapest city on the list, where the average rent for a one-bedroom apartment hit $1,355 in November.
Looking at Canada as a whole, Rentals.ca says the asking rent for all residential property types fell to a 15-month low of $2,139 in November, falling by 1.6% annually. However, going back in time a little further makes the decrease look less impressive.
Rentals.ca says that despite the 15-month low, average rents across the country were 6.7% higher than two years ago and a whopping 18.8% higher than three years ago.
“Over the past five years, rents in Canada grew by an average of 3.4% per year, generally in line with the long-term growth trend,” the report adds.