metro-vancouver-rents-remain-depressingly-high-despite-bc.-price-drop
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Metro Vancouver rents remain depressingly high despite B.C. price drop

ByDaniel Chai

British Columbia is tied for the largest annual decline in apartment rents in all of Canada, but Metro Vancouver renters may not be seeing the savings when it’s time to pay. According to the latest Rentals.ca and Urbanation report, which looks at numbers from June 2025, the country’s average asking rent for all residential properties declined 2.7 per cent year-over-year. It was the ninth consecutive month of annual rent drops. B.C. and Alberta experienced the biggest annual decline in apartment rents at 3.1 per cent. However, four of the top five most expensive cities to rent in the top Canadian markets list remain in the Metro Vancouver area. Alen Szylowiec/Shutterstock “Asking rents for purpose-built and condo rental apartments declined the most over the past year in B.C. and Alberta, each decreasing by 3.1 per cent, to an average of $2,472 and $1,741, respectively,” said Rentals.ca in its report. “Ontario and B.C. were the only provinces to record a two-year decrease in apartment rents, declining 3.6 per cent and 3.1 per cent, respectively.” According to Rentals.ca, North Vancouver is the most expensive municipality in Canada to rent for the fourth consecutive month, with the average asking rent for a one-bedroom rental reaching $2,602 per month and a two-bedroom rental coming in at $3,567 per month. Vancouver, Coquitlam, Burnaby, and Toronto round out the other five most expensive places to rent in the country. Rentals.ca The report also shows that among Canada’s six largest cities, Vancouver experienced the second-largest annual decline in apartment rents in June, dropping seven per cent. However, the asking rent for a one-bedroom is $2,529 per month, and for a two-bedroom, it is $3,388 per month. “Despite the dip in rents during the past year, average asking rents in Canada remained 4.1 per cent higher than the level from two years earlier ($2,042) and 11.9 per cent higher than the level from three years earlier ($1,899),” added Rentals.ca Volodymyr Kyrylyuk/Shutterstock Several other B.C. cities also cracked the 50 priciest Canadian markets to rent, including New Westminster at number 17, Victoria at number 19, Langley at number 21, Surrey at number 26, and Nanaimo at number 31. Average asking rents in Canada remain 5.7 per cent higher than two years ago and 12.6 per cent higher than three years ago. Are you a renter who’s seeing a drop in the asking rent price? Are you experiencing challenges finding a rental within your budget? Let us know in the comments or get in touch at [email protected] .

what-every-first-time-home-buyer-should-know
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What Every First-Time Home Buyer Should Know

BySharon Jung

The Recipe You Need to Succeed Attend our seminar where we’ll give you real answers, home-buying strategies, and a recipe for success proven by our clients. We will provide you with a step-by-step guide with everything you need to know when it comes to buying your first home. Even if you are not a first-time buyer, all buyers are welcome! Our First-Time Home Buyer Seminar will offer you the perfect roadmap for your buying journey, where you can expect: In-depth insight into market trends A comprehensive understanding of the buying process, including where to start Clarity on what you can afford and how to prepare your finances At the end of the seminar, you will also connect one-on-one with our award-winning agents. With your dedicated guide, you can ask all your questions and receive valuable tips that reflect your unique circumstances. Whether you are looking to buy a pre-construction or a resale property, our GTA-Homes agents are prepared to walk with you while connecting you with other reliable real estate professionals you will need to have on your team. Decision to Rent or Buy Although buying a home may seem out of reach, most renters don’t realize how much money they’re actually spending each year on someone else’s mortgage and profit. Owning a home almost always comes out ahead because your monthly rental payments could have been helping you build equity in your own home instead! It also helps to factor in tax benefits, property appreciation, and other incentives when you buy. Let’s compare the numbers to give you a clear picture. If you are currently renting at $2,500 per month, plus about $130 in utilities, you’re paying $2,630 monthly or $31,560 a year. This money will only cover your cost of living and won’t do much else for you. It primarily goes toward paying off your landlord’s mortgage. Now let’s look at the monthly carrying costs of owning your own home. Let’s say you purchased a $500,000 home with a 20% down payment to avoid additional mortgage insurance fees and took on a fixed 30-year mortgage at 4% interest. Your monthly payments will need to include your mortgage payments, property taxes (1% of the property’s value annually), home insurance, and utilities.