VANCOUVER
The average asking rent in Vancouver increased year-over-year in October for the first time in nearly three years, a trend mirrored in Toronto, according to a new national report.
Vancouver's average rent was $2,754 in October, a 0.6 percent increase from the same month last year, according to the National Rent Report from Rentals.ca and Urbanation.
Toronto saw a similar shift, with average rent rising 1.3 percent year-over-year.
“The window for cheaper rents is closing in Toronto and Vancouver,” said Shaun Hildebrand, president of Urbanation, in a press release. “Rents in Canada’s two largest cities are starting to rise for the first time in nearly three years.”
The increase in Vancouver follows 34 consecutive months of declines.
Giacoma Ladas, the communications director for Rentals.ca, told Daily Hive that Vancouver rent rose “mainly because supply is starting to tighten.”
“There are fewer available listings coming onto the market, and that reduced inventory is putting upward pressure on asking rents,” he said in an email.
The report noted the increase is being driven by larger units, as one-bedroom and two-bedroom rents remain at or below year-ago levels.
In October, the average asking rent for a Vancouver one-bedroom was $2,377, a 0.1 percent increase from September but a three percent decrease from October 2025.
The average asking price for a two-bedroom unit remained unchanged both month-over-month and year-over-year at $3,270.
Nationally, the average asking rent decreased by 3.2 percent year-over-year.
Renters in Calgary, Edmonton and most of Ontario outside Toronto are still seeing rents decline.
Ladas said it is “hard to predict with certainty” whether Vancouver rent will keep climbing.
“That said, if supply continues to decline, we would expect that to support further rent growth. At the same time, we are heading into the fall and winter, which is typically a slower rental season, so that could moderate the pace of increases in the months ahead,” he said.
Vancouver's rent prices peaked in September 2023, when the average asking rent was $3,335.
The report said renter demand had previously outpaced supply due to a decades-long undersupply of purpose-built rentals and unprecedented population growth.
Rent prices softened after the federal government limited population growth and increased incentives to build new purpose-built rentals.
According to the report, Vancouver's one-bedroom and two-bedroom rents are still below year-ago levels.
The report states that Vancouver's average asking rent for a one-bedroom unit in October was $2,377, a 0.1 percent increase from September but a three percent decrease from the year before.
The average asking price of a two-bedroom unit remained unchanged both month-over-month and year-over-year, with an asking average of $3,270.
Renter demand had outpaced supply due to Canada having a decades-long undersupply of purpose-built rentals while experiencing unprecedented population growth.
This story was written by the e2gold.ca newsroom from reporting by Global News and Daily Hive. Quotes are checked word for word against that reporting.