British Columbia’s rental market is finally seeing some relief. New data from Zumper shows that rent prices in several B.C. cities continue to cool, with Vancouver hitting its lowest level in more than three and a half years.
The shift marks a notable change for one of Canada’s most expensive rental markets, although Vancouver still remains the priciest city in the country.
Vancouver Rent Prices Drop Again
A one-bedroom apartment in Vancouver averaged $2,500 in October, a decline of 0.8 percent from September and 3.8 percent year-over-year.
Nearby Burnaby followed the trend, recording an average of $2,300 for a one-bedroom unit.
Experts say this cooling reflects a combination of easing demand, improved supply conditions, and tenants shifting toward more affordable cities within and outside B.C.
Prairie Cities Are Seeing The Opposite Trend
While coastal markets soften, prairie cities are experiencing upward pressure on rents.
- Regina rents climbed 4 percent
- Saskatoon jumped 4.8 percent
Analysts note this contrast reflects resource-based economic stability, strong interprovincial migration, and more affordable entry points drawing renters into the prairies.
National Rents See Relief Too
Across Canada, rents have dropped 4.2 percent year-over-year, offering some relief to renters who have endured record-high increases over the past two years.
Even with the decline, Vancouver retains its title as the most expensive city to rent in Canada.
Why This Matters For Renters And Investors
- Renters in B.C. may see more negotiating power as prices soften.
- Landlords in prairie markets could experience stronger rental demand.
- Investors may start looking beyond Vancouver and Toronto as affordability reshapes where Canadians choose to live.
Source
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