The cost of renting a B.C. apartment was less last month than it was a year ago, even if it hasn't come down as quickly as it has in other parts of Canada.
A recent report from Rentals.ca shows the average asking rent for an apartment in B.C. in February 2025 was $2,457, down one per cent from February 2024. This remains nearly $400 higher than the national average, which has fallen 2.9 per cent over the past year.
That same report found February marked the fifth consecutive month that national prices fell, dropping a combined 4.8 per cent to $2,088 鈥� the lowest price since July 2023.
鈥淩ents in Canada are softening as supply is outweighing demand,鈥� said Shaun Hildebrand, president of Urbanation.
鈥淎partment completions are currently running at record highs, while at the same time, population growth has slowed and the economy faces heightened risks due to a potential trade war with the U.S. Expect rents to continue decreasing in the near term as these trends likely remain in place.鈥�
Despite one- and two-bedroom prices remaining relatively stable year over year, families or roommates might see some savings, as the price of a three-bedroom has fallen 14 per cent between January 2024 and 2025.
Out of the 35 cities included in Rentals.ca鈥檚 National Rent Rankings 鈥� which ranks Canadian cities from most to least expensive for a one-bedroom unit 鈥� four B.C. were included
In Vancouver, the average price of a one-bedroom unit fell 5.1 per cent from last year 鈥� the fourth-largest decline nationwide, behind Toronto, Hamilton and Calgary. Although the average price now totals $2,518, which remains the highest average rent in Canada.
Burnaby saw a 3.6 per cent decline to $2,367, the second-highest average rent in Canada. However, prices in Burnaby were also up 2.1 per cent month over month.
Victoria placed ninth. According to the website, its average price of a one-bedroom apartment was $2,100, marking a 0.8 per cent increase month over month, but a 0.8 per cent decrease year over year.
Nanaimo ranked as the 19th most expensive city in Canada, with average rents falling to $1,795 鈥� a figure unchanged month over month but down 3.4 per cent from last year.
