Vancouver rents remain high above decreasing national prices

Average rents in B.C. have decreased by 3.4% compared to last year, with Vancouver still having extremely high rents. The national average asking rent in Canada is $2,152, marking the first year-over-year decline in three years. Despite the decrease, renting in Vancouver remains unaffordable, with one-bedroom apartments averaging around $2,700. Many residents are staying in rentals longer due to homeownership being out of reach. Vancouver ranks poorly for renters saving for a home, spending over 46% of their income on rent.