In November, rental rates have dropped across Canada for the 14th consecutive month to a total average of $2,074.

According to Rentals.ca, the sharpest decline of 6.4 per cent in the year-over-year comparison was recorded in B.C., while nationwide, the asking rent for all property types fell by 3.1 per cent.

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The report states that total B.C. rents are currently $2,392 on average, and Vancouver rents in particular are at their lowest levels in over three years.

However, the average rate in many Lower Mainland municipalities is still significantly higher than the average rent in Canada.

Giacomo Ladas, spokesperson for the online rental marketplace, says that especially rates in Vancouver, North Vancouver, and Burnaby are above the average.
“They are in that range of $500 to upwards of $1,000 more on average,” Ladas told 1130 NewsRadio.

North Vancouver’s rental market is currently the hottest in the nation, with an average rate of $2,493 for a one-bedroom apartment and $3,326 for a two-bedroom apartment.

The second-most expensive market is just south of the Burrard Inlet; Vancouver rents are on average $2,407 for a one-bedroom apartment and $3,284 for a two-bedroom apartment.

Burnaby follows in sixth place in the national ranking, just behind three Toronto neighbourhoods.

Ladas says that he expects rents to continue trending down in the coming months amid a typical seasonal slowdown, along with a demand pullback.

“Typically, even when rents were climbing during COVID-19 exponentially, demand would slow down in the winter months, which usually brings prices down,” he said.

Additionally, a rising supply of housing, flatter population growth, and economic uncertainty are mentioned as factors for decreasing prices.
“On top of that, we have seen a lot more supply heading to the market,” Ladas added.

With files from Srushti Gangdev.