Vancouver keeps its title as Canada’s most expensive city to rent: report

Among Canadian cities, Vancouver saw the highest average rent increases for condos and apartments over the past year, according to a new ranking.

Followed closely by Victoria, Vancouver also led the nation in rent increases for condos and apartments over the past year, according to a new ranking

Renters in B.C. and across the country, we wish we had better news for you.

For Canadian properties listed on in February, the average monthly rent was $1,820, according to the latest National Rent Report from and Toronto-based Bullpen Research & Consulting. That’s a 6.2-percent increase from the previous February.

To put things in context, the average national rent on peaked at $1,954 a month in August 2019. In the wake of the COVID-19 pandemic, that number fell to $1,676 early last year before climbing back above $1,800 in 2022.

“The rental market overall in Canada continues to trend upward in the post-vaccine pandemic period, with continued strength in the market for larger suites,” Ben Myers, president of Bullpen Consulting, said in a release. “Growth in average rents for one-bedroom units lags other bedroom types, with two-, three- and four-bedroom units exceeding February 2020 pre-COVID-19 rent levels last month. British Columbia, specifically Vancouver, and downtown Toronto are leading the market recovery, pushing rents up nationally.”

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Vancouver remains the most expensive of the 35 cities ranked in the report, with February’s average monthly rent clocking in at $2,239 for a one-bedroom and $3,050 for a two-bedroom. That’s a gain of 14.7 percent and 17.6 percent year-over-year, respectively.

Toronto took second overall, thanks to average rents of $2,044 for a one-bedroom and $2,778 for a two-bedroom. Year-over-year, respectively, rents in Canada’s biggest city climbed 12.7 percent and 15.1 percent.

Credit: and Bullpen Research & Consulting

How did other B.C. cities fare?

Burnaby ranked No. 3, claiming third place for a one-bedroom ($1,979) and sixth place for a two-bedroom ($2,398). Its year-over-year average rent gains: 16.8 percent and 7.6 percent.

In Victoria, which placed 14th, the average one-bedroom rent stood at $1,661 in February. The provincial capital took third in the two-bedroom category, with $2,667. Month-over-month, rents in Victoria jumped 7.8 percent and 5.3 percent, respectively, for a one- and two-bedroom.

Surrey finished at No. 19, on the strength of $1,463 average rent for a one-bedroom. B.C.’s second-largest city also commanded an average of $1,931 for a two-bedroom. Year-over-year, those costs rose 4 percent and 13.1 percent, respectively. However, Surrey saw a month-over-month drop of 3.4 percent and 4.3 percent for one- and two-bedroom units.

At $2,661, Vancouver had the highest average monthly rents for condos and apartments in February. Rents in that category surged 23 percent year-over-year—the biggest gain among all 35 cities. With a jump of 22 percent, to $2,106 a month, Victoria finished a close second.