Vancouver's rent is among the highest in Canada and here's how it compares to Toronto

Vancouver rent prices are among the highest in Canada's largest cities even though the cost for a one-bedroom has slightly dipped year over year.

A new national rent ranking report shows how the Canadian rental market compares by city and both Vancouver and Toronto are right at the top.

The April 2024 report released by Rentals.ca shows the average price for a one-bedroom, unfurnished apartment in Vancouver in April 2024 is $2,663, a 4% drop year over year.

North Van is the priciest in Canada

Although just a short drive from Downtown Vancouver, North Vancouver took the cake for the most expensive rent in Canada this month. A one-bedroom in the Metro Vancouver city goes for $2,704, in April 2024.

Toronto wasn't far behind coming in third-highest in Canada with an average price of $2,471 for April. The Ontario city saw a decline by 1.4% year over year.

The report highlights that purpose-built and condo apartments in Vancouver declined on a year-over-year basis for the fourth consecutive month, a drop of nearly 5% in March to an average of $2,993.

Things might be looking up?

Even though Vancouver rents have remained the highest amongst Canada's largest cities, the Rentals.ca data says it fell below the $3,000 level for the first time since July 2022.

Vancouver isn't the only market to see a drop, prices in Toronto for purpose-built and condo apartments also fell by 0.7% month over month.

The report attributes the "flattening in rents" in recent months partly to "seasonal factors" as well as a "slowdown in rental demand in expensive markets such as Vancouver and Toronto."

Rentals.ca says the data used in their analysis was based on monthly listings from the Rentals.ca Network of Internet Listing Services (ILS). They removed any properties listed for greater than $5,000 per month and any under $500 per month.

This article's cover image was used for illustrative purposes only.