QUICK SUMMARY
North Vancouver has replaced Vancouver as Canada's most expensive city for renting homes, with average rents reaching $2,680 for one-bedroom units. Despite a 5.5% decrease in Vancouver's average rent over the past year, rental prices remain high in the region.
North Vancouver has overtaken Vancouver as the most expensive city for renting homes in Canada, with average rents reaching $2,680 for one-bedroom and $3,563 for two-bedroom apartments. Vancouver follows closely behind with average rents at $2,536 for one-bedroom and $3,414 for two-bedroom units. Despite a 5.5% decrease in Vancouver's average rent over the past year, the city remains one of the priciest rental markets in the nation. Giacomo Ladas from Rentals.ca emphasizes that, while prices have dropped, affordability remains elusive. The decline in rental prices comes after a period of surging rents during the COVID-19 pandemic, where prices hit unprecedented highs. April marks the 17th consecutive month of year-over-year decreases in rental prices in Vancouver. The trend indicates that increased supply and decreased demand are impacting rental rates in the region. Rental prices in the Lower Mainland continue to dominate the Canadian market, highlighting the ongoing housing affordability crisis.