Average asking rents in British Columbia fell 2.9 per cent in September, according to a new report from Rentals.ca. However, Vancouver recorded the largest monthly increase in asking rents among Canada’s six largest rental markets.
In Vancouver, average apartment and condo rents rose 1.4 per cent to $2,741. Montreal and Edmonton each posted 0.2 per cent increases, to $1,959 and $1,522, respectively.
Among the 25 largest markets outside the top six, North Vancouver remained the country’s most expensive rental market at $2,983, with rents essentially unchanged from a year earlier. Richmond followed at $2,572, Burnaby at $2,548, North York at $2,516, Coquitlam at $2,497 and Kanata at $2,476.
B.C. apartment and condo rents rose 0.8 per cent from August, the largest monthly increase among the provinces. Saskatchewan gained 0.5 per cent, while Manitoba and Alberta each rose 0.3 per cent. Nova Scotia and Ontario posted declines of 1.5 per cent and 0.8 per cent, respectively.
B.C. was the country’s most expensive province for apartment and condo rents at $2,373, ahead of Nova Scotia at $2,321. Nova Scotia had held the top spot from May through August. Its monthly decline was partly attributed to the absorption of higher-priced new units that had pushed up average rents in previous months.
Average asking rent by Province for September 2026. (Image Credit: Rentals.ca Network, Urbanation Inc.)
Average asking rents in B.C. were $1,868 for a studio, $2,045 for a one-bedroom unit, $2,649 for a two-bedroom unit and $3,313 for a three-bedroom unit.
Across Canada, average rents were $2,034 in September, down 0.1 per cent from $2,035 in August.
The average asking rent across all property types was $2,034 in September, down 4.2 per cent year over year and marking the 24th consecutive month of annual declines.
September’s average was 9.2 per cent below the May 2024 peak of $2,202 and slightly lower than $2,035 in August. It was the second consecutive monthly decline as the market moved beyond the peak summer leasing season.
Over three years, rents fell 10.7 per cent in B.C., 10.3 per cent in Ontario and two per cent in Quebec.
The largest three-year increases were recorded in Saskatchewan at 23.7 per cent, Manitoba at 13.4 per cent and Nova Scotia at 11.2 per cent. Alberta rents rose 0.7 per cent.
Nationwide, the average asking rent for purpose-built and condominium apartments was $2,038 in September, down 0.1 per cent from August and 3.3 per cent from September 2025.
To read the latest Rentals.ca report, click here.
Comments