Vancouver, Canada’s hottest rental market, is slowly getting cheaper

Vancouver remains the most expensive city in Canada for renters, with average rent for an empty one-bedroom apartment at $2,690, a 4.6% decline from last year. This marks the fourth consecutive month of decline for one-bedroom rents, the largest drop among Canadian cities. The average rent for a two-bedroom apartment is $3,800, down 2.6%. In contrast, other Canadian markets, like Winnipeg, are experiencing significant rent increases, with a 22% rise over the past year. Nationally, rent prices are stabilizing due to declining mortgage rates and increased supply.