Vancouver rents lowest since early 2022: report

Renters in Canada – especially in Vancouver – are finally catching a break after years of price increases.

With the average rent declining to $2,060 in December, rents across the country have been the lowest since early 2022.

According to Rentals.ca’s January 2026 report, the decrease is especially big in cities of the Lower Mainland.

Rents for a one-bedroom apartment in Vancouver and Coquitlam are down 4.8 per cent and 10.2 per cent, respectively, compared to last year’s prices.

While an apartment was still listed at $3,080 in December 2022, this price fell to $2,654 in December 2025.

As a result, Vancouver saw the biggest annual decline among major markets in the country.

Rental prices across the province have decreased by almost six per cent year over year, with the average rent in B.C. standing at $2,382.

Rentals.ca spokesperson Giacomo Ladas says it’s a trend in the right direction.

“And really what that shows is that in the last two years, Vancouver rents are down almost 13 per cent and they are at the lowest level they have been since early 2022,” he told 1130 NewsRadio.

“There is more supply coming and populations going to remain about the same,” Ladas explained, saying that the prices are here to stay, at least for a while.

“When those two factors occur at the same time, chances of prices increasing are very, very low, especially for the near term. The winter months in Canada are very, very slow in demand compared to the summer months. So, we typically see a slowdown between January, February, and March with that pickup again in the spring,” said Ladas, adding that the number of options renters currently have in Metro Vancouver is as high as it has been in years.

North Vancouver still Canada’s most expensive municipality

“If you are a renter in Vancouver, I think you might be surprised about the amount of choice you have and the movement incentives available,” he explained.

“The amount of buildings right now that are offering the month of free rent, two months of free rent, free Internet, free parking, it really has become a renter’s market.”

While the average rates for a North Vancouver apartment – currently costing $2,974 – are still the highest in Canada, prices have dropped there too by 7.5 per cent on a year-to-year basis.

“Now, of course, Vancouver rents are still very expensive. They are around $600 to $700 a month more than the national average.”

While other major markets in Canada experience similar declines, Edmonton opposed the trend with a rent increase of 0.8 per cent.

With files from Raynaldo Suarez.