North Vancouver overtakes Vancouver as most expensive Canadian city to rent
Posted June 9, 2025 9:55 am. A new rental report comparing data from across Canada shows that the price of renting a home in Metro Vancouver is still dropping. The report from Rentals.ca and Urbanation shows rents fell by 5.9 per cent in Vancouver last month, compared to May 2024, to an average of $2,830. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! The region also saw the country’s largest decline in shared rent, with a just under 10 per cent drop. “The easing in rents this year across most parts of the country is a positive for housing affordability in Canada following a period of extremely strong rent inflation lasting from 2022 to 2024,” said Shaun Hildebrand, President of Urbanation. “Rents have recently been impacted by the combination of a surge in supply from new apartment completions, as well as a slowdown in population growth and a heightened level of economic uncertainty.” North Vancouver is the most expensive place to rent in the country, with a one-bedroom home coming in at $2,620 a month, followed by Vancouver, Burnaby, and Coquitlam. Toronto is in the number five spot at $2,300 a month for a one-bedroom. Despite the continued drop, Rentals found that the asking price for rentals across the country is still up 12 per cent over the last three years.