Rent report says B.C. again led price declines in February, despite increase in Vancouver

The latest report from Rentals.ca and Urbanation said rents in British Columbia fell 4.9 per cent in February, compared to last year. 

Average rent across all property types in B.C. was $2,375 last month,. The average price for a one bedroom saw a six per cent decline from last year, to $2,062.

North Vancouver remains the most expensive rental market in Canada, with an average of $2,969 across all unit types. That was down just 0.1 per cent from the previous month, and more than six per cent from a year ago. 

The average rent in Vancouver was up 0.6 per cent from January to $2,672, but declined 5.6 per cent from February 2025. Average rents also rose last month in other major markets, like Ottawa, Calgary, Edmonton and Montreal.

Vancouver saw the largest price declines for three-bedroom units among the six largest markets in Canada, down 8.8 per cent from last year. 

Average rents for purpose-built and condominium apartments in B.C. were down 4.2 per cent compared to February 2025, at $2,354. That puts B.C. at third behind Alberta and Ontario for declines. 

Average asking rent for shared accommodations in B.C. was $1,030 in February, down from $1,146 a year ago. 

The Canada-wide average rent across all property types fell 2.8 per cent year-over-year to $2,030. Rents have declined on an annual basis for 17 consecutive months. 

The Canadian average for a one bedroom was $1,781 in February, a 3.5 per cent decline from a year ago.