Vancouver rents continue to drop in October report

Vancouver retains its title as the most expensive city for renters in Canada, with a one-bedroom apartment costing $2,500 in October, marking a 0. 8% decline since September. Burnaby closely follows, with a median rent of $2,300, which is down 3. 4% from last year. In contrast, some prairie cities, including Regina and Saskatoon, have experienced notable increases in rental prices, rising by 4% and 4.

8%, respectively. Analysts at Zumper. com attribute this divergence in rental trends to broader economic patterns, where more affordable markets and resource-based economies attract renters. Nationally, rental prices have decreased by 4. 2% since October 2024.

The Zumper Canadian Rent Report compiles data from over 50,000 active listings to calculate median asking rents on a monthly basis. The persistent high costs in Vancouver and Burnaby highlight the ongoing challenges for renters in urban settings. As the rental market adjusts, the resilience of prairie cities may indicate shifting market dynamics.