Vancouver’s average asking rent rises again in August

Vancouver’s average asking rent rose one per cent in August to $2,704, according to Rentals.ca and Urbanation’s national rent report. The average remained 3.4 per cent below the level a year earlier. Across Canada, the average asking rent for all property types was $2,035, down 4.8 per cent year over year.

Rentals.ca said rents were largely flat across the country on a monthly basis after gradually rising through spring and summer. Urbanation president Shaun Hildebrand said the seasonal support for rents has faded and that escalating trade tensions create uncertainty for the rental market. He said lower employment and consumer confidence could affect demand, while higher construction costs could threaten supply.

Vancouver’s average one-bedroom asking rent was $2,350 in August, down about one per cent from July and nearly six per cent from a year earlier. The average two-bedroom rent was $3,248, down 0.2 per cent month over month and 4.4 per cent year over year. Rentals.ca said studios and units with three or more bedrooms appeared steadier than one- and two-bedroom units, contributing to the overall increase.

The city’s average asking rent peaked at $3,335 in September 2023. Rentals.ca associate director of communications Giacomo Ladas previously said demand then exceeded supply amid a long-standing shortage of purpose-built rental housing and rapid population growth. The report says rents have softened as the federal government limited population growth and increased incentives for new purpose-built rentals.

North Vancouver remained Canada’s most expensive city for renters, with an average asking rent of $3,036. Its one-bedroom average was $2,500 and its two-bedroom average was $3,434. New Westminster’s average was $2,203, including $1,901 for a one-bedroom and $2,655 for a two-bedroom.