British Columbia led the country as average asking rents declined across Canada in October, according to a new report.
The latest data from Rentals.ca and Urbanation said average rents across all property types in B.C. fell by 6.2 per cent compared to October 2024.
The average rent for a one-bedroom in B.C. was $1,938.
Average asking rents for purpose-built and condo apartments fell 5.8 per cent to $2,401 in October, and were down nearly 10 per cent from two years ago.
Two-bedroom apartment rents in B.C. saw the biggest losses, down 6.6 per cent from last year to $2,686.
Asking rents for shared accommodation in B.C. fell by 10 per cent in October to $1,085 – the largest decline in the country. Vancouver saw shared accommodation rents drop by nearly 17 per cent to $1,241.
While Vancouver still has some of the steepest rent prices in the country, it hit a multi-year low in October. Vancouver rents fell 7.4 per cent for an average of $2,738. The average cost for a one-bedroom was down more than six per cent at $2,451.
North Vancouver remains Canada’s most expensive city for rentals, with an average apartment rent of $3,011 in October.
It was the 13th consecutive month of year-over-year declines for Canadian rents. However, the report said that decline appears to be slowing, noting 2.2 per cent drop in October was the smallest in nearly a year.
Rents have risen by 14 per cent, or $259 per month, compared to the pre-COVID average in October 2019.
The report said demand continued to fall in October, with fewer people seeking rentals.
“With levels tracking near historic lows and winter approaching, Canada is on pace to experience the slowest winter of rental demand in recent years,” it said.
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