Vancouver Rent Report, August 2026

Vancouver asking rents firmed in August 2026 but stayed below last year's level. The average asking rent for apartments and condominiums was $2,704 per month, up 1.0% from July and down 4.1% from a year earlier, according to the Rentals.ca and Urbanation National Rent Report published September 9, 2026. That was the second largest monthly gain among Canada's six largest markets, behind Ottawa (+1.1%), while Vancouver's annual decline tied Edmonton's for the second largest of the six, behind Calgary (-4.5%).

Nationwide, the average asking rent for apartments and condos was $2,040 in August, and the average across all property types was $2,035, down 4.8% year over year in the 23rd consecutive month of annual declines. B.C. apartment and condo rents fell 0.2% from July and 4.6% over the year, the largest annual decline of any province. Nova Scotia ($2,356) narrowly topped B.C. ($2,353) on the overall average for a fourth straight month because of its larger share of new projects and larger units, but B.C. remained the most expensive province for each unit type individually.

The Canada Mortgage and Housing Corporation (CMHC) recorded a purpose-built rental vacancy rate of 3.7% in October 2025 for the Vancouver CMA, its most recent authoritative survey.

The table below shows CMHC's in-place averages for the existing purpose-built stock as of October 2025. These are what current tenants pay across the broader rental stock, and they sit below the asking rent because asking figures capture new-listing prices.

• Studio (CMHC, Oct 2025): $1,667 / month
• 1 Bedroom (CMHC, Oct 2025): $1,807 / month
• 2 Bedroom (CMHC, Oct 2025): $2,364 / month
• 3 Bedroom+ (CMHC, Oct 2025): $2,820 / month
• All apartments (CMHC, Oct 2025): $1,970 / month

Larger units are still correcting province-wide. Rentals.ca reported that B.C. three-bedroom asking rents fell 5.2% over the year in August, the largest three-bedroom decline among the provinces in its report. The gap between asking rents and CMHC's averages reflects that CMHC's data includes existing tenancies whose increases are limited by BC's annual cap.

Central neighborhoods continue to command the highest rents in Vancouver, while East Vancouver offers relative value. Walkable communities near transit and the waterfront have historically drawn the strongest demand from young professionals and downtown workers.

Highest-priced areas

• Downtown / West End, walkable core near the seawall and transit
• Yaletown, premium waterfront district with new towers
• Kitsilano, established west-side community near the beach
• Mount Pleasant, inner-city, restaurant and brewery scene

Best-value areas

• East Vancouver typically offers the lowest per-bedroom rents within the city

Around the Lower Mainland (Rentals.ca, August 2026)

• North Vancouver: $3,018, the most expensive rental market in Canada, down 1.3% over the year
• Richmond: $2,570, the third most expensive market outside the six largest cities
• Burnaby: $2,498, fifth on the same list
• Abbotsford: down 10.5% over the year, the second largest annual decline in the country

Neighborhood-level rent averages fluctuate month to month based on listing mix. For in-place rents by area, see the CMHC neighborhood rent tables which are updated on CMHC's schedule.

New purpose-built supply and moderating demand have kept vacancy above the extreme tightness of earlier years. CMHC recorded an overall purpose-built rental vacancy rate of 3.7% for the Vancouver CMA in October 2025. Nationally, Rentals.ca's September report names the record volume of apartment completions underway as one of the near-term headwinds for rents, and purpose-built rental apartments continued to post the smallest declines of any property type, down 3.3% to $2,038.

Vacancy by unit type (CMHC, October 2025)

• Studio: 3.9%
• 1 bedroom: 3.8%
• 2 bedroom: 3.2%
• 3 bedroom or more: 3.6%
• Overall: 3.7%

Shared accommodation has cooled fastest. The average asking rent for a room in Vancouver fell 11.9% over the year to $1,130, the largest decline among Canada's six largest markets, and B.C. shared accommodation rents fell 10.1% to $1,023, according to Rentals.ca.

Rentals.ca describes the national outlook as increasingly uncertain. Its September report points to new US tariffs and Canadian counter-tariffs, the record volume of apartment completions and a declining population as near-term headwinds, partly offset by pent-up demand entering the market as affordability improves. It names forestry-dependent centres in B.C. among the communities most exposed to the trade war, while noting that the large markets that set the national tone carry far less direct exposure.

For existing tenancies, BC's maximum rent increase is 2.3% for 2026 and 2.2% for 2027. Rent can go up once every 12 months, with 3 full months' notice on Form RTB-7.

What this means for renters

• Asking rents are still down 4.1% from a year ago, even after August's monthly gain
• Room to negotiate rent or lease terms while new listings advertise below last year
• East Vancouver continues to offer the best per-bedroom value within the city
• In-place rents are protected by BC's annual cap

What this means for landlords

• Realistic pricing matters, overpricing costs weeks of vacancy in a cooling market
• Quality photos and detailed listings win the competition for eyeballs
• A written condition inspection report at move-in and move-out protects your deposit position at the RTB
• Renewals are cheaper than turnover, and BC's cap makes retention the cost-effective path

SQRFT's September 2026 report will follow the next Rentals.ca National Rent Report, which covers September data.