The price of renting a home in Vancouver has dropped over the past year, according to a new report from Rentals.ca and Urbanation.

In February, the average rent in the city was $2,672 — down almost six per cent compared with February 2025.

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Rent in the city remains much more expensive than the national average, which was around $2,030.

Giacomo Ladas with Rentals.ca says the dropping prices relate to multi-decade-high gains in supply, which is happening for a number of reasons.

“There is just a lot of new-purpose rentals being built,” he said.

“On top of that, there is a flood of condos that are now being placed on Rentals.ca for rent that were originally built and developed to sell, and then when they became available, they just weren’t being bought, so they are now in place as rental stock.”

The highest rental market in Canada was North Vancouver, with an average rent of $2,926.

Other Lower Mainland cities in the top five were Richmond ($2,558), Burnaby ($2,511), and Coquitlam ($2,491).