British Columbia and Alberta saw the largest declines in the price of apartment rentals over the past year, although B.C. remained the most expensive province for renters.
The latest rent report from Rentals.ca and Urbanation said average asking rents in both provinces fell 5.5 per cent in September compared to the previous year.
In B.C., the average rent across all property types was $2,473 last month – the highest in Canada. The nation-wide average was $2,123.
The average asking price for a one-bedroom in B.C. was $2,141 last month, marking a 5.3 per cent decline from September 2024.
The report notes B.C. rents have seen a two-year decline of 8.5 per cent.
“In the past two years, we’ve taken unprecedented action to deliver more homes for people and tackle speculation. Our housing action plan is having an impact, with vacancy rates rising and asking rents consistently dropping,” said B.C. Housing Minister Christine Boyle.
“We know there is so much more do to address housing costs for people. That is why we need to stick to our plan,” said Boyle.
North Vancouver remained the most expensive area in Canada for renters, with an average rent of $2,558 for a one-bedroom unit in September — down just over 6.5 per cent from the same time last year.
Vancouver was a close second at $2,489 for a one-bedroom, down six per cent year-over-year.
Victoria recorded an average of $2,014 for a one-bedroom — 7.4 per cent decline from last year.
In Kelowna, rent for a one-bedroom dropped 3.3 per cent compared with last September, to an average of $1,928.
B.C. also had the largest drop in shared accommodation rents compared with Alberta, Ontario and Quebec. There was a 7.4 per cent decrease in B.C to an average of $1,120, compared to September 2024. Vancouver led the way with a nearly 15 per cent decline in shared accommodation rents to $1,268.
Nationally, asking rents across Canada decreased 3.2 per cent in September from last year’s record high, marking the twelfth consecutive month of year-over-year declines.
