Vancouver Rents End 34-Month Annual Decline, Rise 0.2% in October

The nearly three-year decline in apartment and condo rents in Vancouver has come to an end. According to the latest report by Rentals.ca and Urbanation, average asking rents in Vancouver increased by 0.2 per cent year-over-year in October, marking the first annual increase in 34 months. Rents reached an average of $2,735.

Similarly, rents in Toronto, Canada's second-most expensive rental market, rose by 1.6 per cent to $2,590 after declining for 32 consecutive months.

On a month-over-month basis, Toronto recorded the highest rental increase among Canada's six largest markets, with rents rising 1.4 per cent compared with September. In contrast, Vancouver rents declined by 0.2 per cent over the same period.

However, comparing rental rates over the past two years, Calgary and Vancouver were the only two among the six major markets to record the steepest declines, at 9.5 per cent and 7.1 per cent, respectively.