Overview

• Vancouver led annual declines at 8.2% yet remains the country’s most expensive rental market across property types.
• Vancouver’s average one-bedroom fell to $2,501, down 6.4% year over year and $475 lower than in October 2023.
• Houses and townhouses saw the sharpest drop at 5.5%, with condos down 3.0% and purpose-built apartments down 2.1%.
• The report attributes falling rents to record apartment completions, fewer non‑permanent residents, and a softer job market.
• Urbanation says renters are seeing the best affordability in two years, as national asking rents were 1.2% below September 2023 for the first two‑year decline since January 2022.