Market Overview
Vancouver's annual decline in asking rents ended in October 2026. The average asking rent for apartments and condominiums was $2,735 per month, down 0.2% from September but up 0.2% from a year earlier, according to the Rentals.ca and Urbanation National Rent Report published November 5, 2026. It is Vancouver's first annual increase after 34 consecutive months of decline. Rents remain 7.1% below their level two years ago and 14.9% below three years ago.
Nationwide, the average asking rent for apartments and condos was $2,041 in October, and the average across all property types was $2,036, down 3.2% year over year in the 25th consecutive month of annual declines. B.C. apartment and condo rents slipped 0.1% from September to $2,371 and were down 1.3% over the year. Across all property types, B.C.'s average was $2,407, also down 1.3%. Nova Scotia ($2,421) ranked ahead of B.C. for apartment and condo rents in October.
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.
Average Rents by Unit Size
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
The October gain came from larger units. Rentals.ca reported that Vancouver three-bedroom asking rents rose 2.6% over the year to $4,042 in October, while one-bedroom asking rents were down 3.2% to $2,385 and two-bedroom rents were down 1.7% to $3,297. B.C. three-bedroom apartment and condo rents were $3,302, down 0.8%. 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.
Neighborhood Breakdown
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, October 2026)
- North Vancouver: $2,950, the most expensive rental market outside Canada's six largest cities
- Richmond: $2,570
- Burnaby: $2,535
- Coquitlam: $2,496
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.
Supply and Vacancy
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, purpose-built rental apartments continued to post the smallest annual decline of the three property types, down 2.1% to $2,040, while condo rents fell 5.5% to $2,048.
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 is still much cheaper than a year ago. The average asking rent for a room in Vancouver fell 9.3% over the year to $1,126 in October, and B.C. shared accommodation rents fell 6.6% to $1,013, according to Rentals.ca.
Outlook
Rentals.ca's November report says Toronto and Vancouver are turning first. Both posted their first annual increase in apartment and condo asking rents after long runs of decline, Vancouver's after 34 consecutive months. It says the markets that peaked first in 2023 are the first to stabilize, and that other markets are earlier in the same cycle. Vancouver's gain comes from larger units, while Toronto's is broader, led by two-bedroom and three-bedroom units.
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 up 0.2% over the year, the first annual increase in 34 months, so today's discounts may not last
- Smaller units are still cheaper than a year ago while three-bedroom rents are rising
- 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 still matters, especially for one- and two-bedroom units where asking rents are lower than a year ago
- 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 November 2026 report will publish on the last business day of November.
What it means for you
Turn the market shift into a smarter decision
If you own a rental
LandlordsPrice to the market you're in. Apartment and condo asking rents edged down 0.2% from September and are up 0.2% over the year, but remain 7.1% below two years ago and 14.9% below three years ago, and vacancy sits near 3.7%. Overpricing still costs weeks of vacancy.
Compete on retention. Renewing an existing tenant beats the turnover cost of a vacancy. BC's rent-increase cap is 2.3% for 2026 and 2.2% for 2027, so plan renewals within those limits.
Get the paperwork right. BC requires a written condition inspection report at move-in and move-out. Without one, your deposit position is weak if a dispute reaches the Residential Tenancy Branch.
If you rent
TenantsYou still have room to negotiate. Vancouver one-bedroom asking rents were 3.2% lower than a year ago at $2,385 in October, and two-bedroom rents were 1.7% lower at $3,297, according to Rentals.ca. Larger units are where prices are rising.
Look outside the core. East Vancouver typically offers the largest rent gaps per bedroom versus Downtown, the West End, and Yaletown.
Protect your deposit. Insist on a written condition inspection report at move-in and move-out under BC's Residential Tenancy Act. It is the record the RTB relies on in a deposit dispute.
MORE MOVING MEANS MORE DISPUTES
A market that is turning still means plenty of move-outs. That is where rental disputes begin.
Deposits and possession are common flashpoints, right around move-in and move-out. sqrft.ca gives BC landlords and tenants an RTA compliant lease workflow, a timestamped condition inspection at move-in and move-out, and a full audit log per tenancy.