Vancouver rent drops to a two-year low, still highest in Canada

Canada's rent deceleration continues for the sixth consecutive month, with Vancouver maintaining the highest rental prices in the country. The median rent for a one-bedroom in Vancouver is $2,500, down 1.6% from March, while two-bedroom rentals are at $3,450, up 1.1%. Vancouver's rents are at their lowest since January 2023, with a year-over-year drop of 5.7% for one-bedrooms and 9% for two-bedrooms. The national rent index has declined, reflecting a cooling rental market due to increased supply, shifting migration patterns, and economic uncertainty.