Updated: Average Vancouver rental prices drops in October, but still up 6.7% over last year

Vancouver remains the most expensive city for renters in Canada, with average prices for one-bedroom and two-bedroom units. However, rental prices in Vancouver and Burnaby have decreased slightly due to a surge in rental listings and new legislation. Despite the temporary drop, experts believe that rental costs will continue to rise in the long term. The increase in rental listings is not seen as a solution to the ongoing affordability issue, and the market is expected to maintain its current trend of rising rental costs.