In December, asking rent prices in Vancouver experienced a significant decline compared to November, contributing to an overall decrease in 2023 compared to the previous year. Although Vancouver remains the most expensive city for renters in Canada, prices have notably dropped over the past six months. Vancouver’s one-bedroom apartment rent hit $2,700 in December, marking a 5.8% month-over-month decrease but a 4% year-over-year increase. Burnaby, the second most expensive city, witnessed a 3% monthly drop to $2,600, yet showed a 6.1% yearly increase. Two-bedroom units in Vancouver saw a 4.5% monthly decrease to $3,660, with a 2.7% year-over-year rise.

Rentals.ca’s report highlights a general slowdown in asking rents for major markets like Vancouver and Toronto in 2023, with Vancouver averaging $3,059, reflecting a -0.7% annual decline in December. Other British Columbia cities, including Victoria, Surrey, and Kelowna, also experienced rent drops.