B.C. asking rents fall 4.5%, while North Vancouver remains Canada’s priciest market

Asking rents continue to decline across Canada, but North Vancouver and Vancouver remain the country’s most expensive rental cities, according to a new Rentals.ca report. The average listed rent was $3,039 in North Vancouver and $2,686 in Vancouver.

Across B.C., landlords were seeking an average of $2,384, down 4.5 per cent from a year earlier. Kamloops had the province’s lowest reported asking rent for a one-bedroom apartment, at $1,742.

Rentals.ca spokesperson Giacomo Ladas said vacancies are prompting some housing providers to offer inducements such as free months of rent, gift cards, parking and utility discounts. UBC Sauder School of Business associate professor Thomas Davidoff attributed the broader decline to lower demand and increased supply, adding that reduced immigration levels may also be a factor.

Housing and Municipal Affairs Minister Christine Boyle said the trend shows policy can affect rents. The report also found that asking rents for two- and three-bedroom homes were flat or rising in most markets, suggesting larger renter households may not be seeing the same relief.