Vancouver Rent Report, July 2026

Vancouver's rental market continued to soften through July 2026, though Metro Vancouver remains the most expensive rental market in Canada. The average asking rent across all property types was $2,677 per month, down about 4.5% year-over-year, according to the Rentals.ca and Urbanation National Rent Report for July 2026. For context, the national average asking rent that month was $2,037, down 4.0% year-over-year.

Daily Hive, citing the same report, noted Vancouver one-bedroom units averaged an asking rent of $2,377 in July 2026. North Vancouver remained the most expensive place to rent in Canada, with a one-bedroom around $2,588, though that figure reflects North Vancouver rather than Vancouver proper.

The Canada Mortgage and Housing Corporation (CMHC) recorded a purpose-built rental vacancy rate of 3.7% in October 2025 for the Vancouver CMA. That reading is the backdrop for the year-over-year decline in asking rents Vancouver is now seeing.

The table below shows CMHC's in-place averages for the existing purpose-built stock as of October 2025, alongside the Rentals.ca asking rent for one-bedroom units in July 2026.

• Studio (CMHC, Oct 2025): $1,667 / month
• 1 Bedroom (CMHC, Oct 2025): $1,807 / month
• 1 Bedroom (Rentals.ca asking, July 2026): $2,377 / month
• 2 Bedroom (CMHC, Oct 2025): $2,364 / month
• 3 Bedroom+ (CMHC, Oct 2025): $2,820 / month

The gap between the Rentals.ca one-bedroom asking rent and CMHC's purpose-built one-bedroom average is wide. Asking rents capture new-listing prices, while CMHC's data reflects the broader stock including existing tenancies held below asking by BC's 2.3% rent-increase cap. Both point to the same directional trend: Vancouver rents are declining year-over-year on new listings.

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

Note that North Vancouver, across the harbour, remained the most expensive submarket to rent in Canada in July 2026 (one-bedroom around $2,588), separate from Vancouver proper.

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

Metro Vancouver remains Canada's most expensive rental market, but 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.

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%

With asking rents on new listings down about 4.5% year-over-year, landlords bringing units to market are advertising lower to lease them in a more balanced environment than Vancouver has seen at its tightest.

The near-term outlook for Vancouver rents favors continued modest declines on new listings through the second half of 2026, even as the city holds its place as Canada's most expensive rental market. Asking rents have led the way down, while in-place rents stay anchored by BC's 2.3% rent-increase cap for 2026.

Tenants comparing new listings in the second half of 2026 have more negotiating room than in recent years. Landlords holding out for peak asking-price renewals risk longer vacancies now that new-listing prices have softened.

What this means for renters

• Asking rents on new listings are down about 4.5% year-over-year
• Room to negotiate rent or lease terms as new listings advertise lower
• East Vancouver continues to offer the best per-bedroom value within the city
• In-place rents are protected by BC's 2.3% cap for 2026

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 2.3% cap makes retention the cost-effective path

SQRFT's August 2026 report will publish on the last business day of August.