Average rent for Vancouver apartments dips below $3,000 for first time since 2022
The average asking rent for a Vancouver apartment has dipped below $3,000 per month for the first time since July 2022, according to the latest data from Rentals.ca.
Asking rents for purpose-built and condominium apartments in the city fell to an average of $2,993 in March, a year-over-year decrease of 4.9 per cent.
But despite that decline, Rentals.ca said Vancouver rents remained the highest across any major city in Canada. Toronto was the second-most expensive, with an average asking rent of $2,782 per month for purpose-built and condo apartments in March.
Both cities have seen rents decreasing for months, according to the online rental listing website.
The news was not as good for larger families. While asking rents for one-bedroom units in Vancouver decreased to an average of $2,657, rarer three-bedroom units increased to $4,378.
Across the province, rents for purpose-built and condo apartments fell 1.9 per cent year-over-year in March, to an average of $2,494 – but still remained higher than Ontario's average of $2,410.
B.C.’s overall decrease was despite an increase in asking rents for one-bedroom units – which went up 2.7 per cent, to $2,227 – and an ongoing surge in so-called “roommate rents.” According to Rentals.ca, the average asking price for a room in a shared unit increased to a record high of $1,195 last month.
B.C. also topped the list for medium-sized markets, with the five priciest cities – North Vancouver, Burnaby, Richmond, Coquitlam and Langley – all located in the province's Lower Mainland.
The average asking rent in North Vancouver was $3,270, making it even more expensive than Vancouver.
The data is based on monthly listings on Rentals.ca and its network, and is separate from rental data collected by the Canada Mortgage Housing Corporation.
CTVNews.ca Top Stories
Driver, 18, gets $3,000 ticket, 32 demerit points after speeding on Laval boulevard
A young driver received a hefty fine from Laval police after they say he was driving nearly 100 km/h over the posted speed limit.
Trump confronts repeated boos during raucous Libertarian convention speech
Donald Trump was booed repeatedly while addressing Saturday night’s Libertarian Party National Convention.
Custom baseball card released of Blue Jays fan struck in the face with foul ball
Liz McGuire, the Blue Jays fan who was struck in the face with a 110 m.p.h. foul ball last week, has been pictured on a custom baseball trading card applauding her fandom to the game.
Grayson Murray, two-time PGA Tour winner, dead at 30
Two-time PGA Tour winner Grayson Murray died Saturday morning at age 30, one day after he withdrew from the Charles Schwab Cup Challenge at Colonial.
As Canada warms, infectious disease risks spread north
Cases of Lyme disease have now increased more than 1,000 per cent in a decade as the warming climate pushes the boundaries of a range of pathogens and risk factors northward.
This type of screen time has the worst effect on kids: experts
According to some experts, there is one type of screen time that is continuously excessive, and it's having a severe effect on our children.
Why did the French Open cancel a farewell ceremony for Rafael Nadal? And why is he unseeded?
The French tennis federation put off holding a ceremony to celebrate Rafael Nadal at Roland Garros this year, because he has said this might not necessarily be his final appearance at the tournament he has won a record 14 times.
12 people injured after Qatar Airways plane hits turbulence on way to Dublin
Twelve people were injured when a Qatar Airways plane flying from Doha to Dublin on Sunday hit turbulence, airport authorities said.
NEW 'Language is identity': Indigenous Ontario legislator to make history at Queen's Park
Decades after being punished in a residential school for speaking his own language, Sol Mamakwa will hold the powerful to account at Ontario's legislature in the very same language past governments tried to bury.