Things are looking up for renters in Canada, but especially in B.C. as prices have dropped for two consecutive years in the province.
The numbers come from a report published by Rentals.ca and Urbanation, who have compiled Canada’s rental trends to reveal some interesting patterns in the changing landscape.
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October 2026 Rent Report
According to the report, rents in Vancouver and Toronto are showing “signs of stability… after rents fell to their lowest September levels in five years.” Notably, construction inventory has peaked in the cities, and data revisions “show that a previously-reported decline in population was actually a modest increase.”
Nationally, rent prices are sitting at $2,034, a decline of 4.2% year-over-year. And while Vancouver rents rose 1.4% from August to $2,741, they were down 1.3% on an annual basis.
Still the Most Expensive
Despite B.C. marking two years of straight declines in rents, the longest downward trend in Canada’s recent rental market history, the province was still unfortunately the most expensive place in the country for apartment and condo rents at $2,373.
B.C. beat out Nova Scotia, which previously held the top spot from May to August. Nova Scotia’s decline was driven partially by the “absorption of more expensive new-build units, which had pushed up the average rent in previous months.”
You’ll probably also be unsurprised to hear that Vancouver’s average asking rents is also the most expensive. At $2,741, Vancouver sits $187 higher than Toronto, which is in second place.
Hopefully, the rental market will continue to cool off, allowing some more breathing room for renters. And if you’re wondering where the cheapest place in Metro Vancouver is to rent, you can check our article here for all the details.
