Despite a nationwide decline in rental prices, Vancouver and neighbouring Burnaby, B.C., continue to rank as the most expensive Canadian rental-apartment markets, according to the latest report from rental platform Zumper.

Vancouver holds the top spot with a median asking rent of $2,520 for a one-bedroom unit, a slight 0.8% increase from the previous month. Two-bedroom units remain unchanged at a median of $3,450. Burnaby follows closely behind with median rents of $2,300 for a one-bedroom and $2,900 for a two-bedroom apartment.

While still the highest in the country, asking rents in Vancouver have dropped year-over-year — down 5.3% for one-bedrooms and 8% for two-bedrooms compared to this time in 2024.

The report marked the fifth consecutive month of accelerating declines in annual rates for both bedroom types, said Zumper.

“The continued and intensifying downward trend is likely driven by a mix of growing supply and softening demand,” stated the report.

“High cost-of-living pressures, especially in Canada’s most expensive rental markets like Vancouver and Toronto, have kept many renters cautious, leading to slower leasing activity.”

Other B.C. cities, including the secondary markets of Victoria, Kelowna, and Abbotsford, also rank among the top 20 most expensive rental markets nationwide.

Zumper attributed the broader rental-rate drop to slowed population growth, an increase in completed rental units, and more purpose-built rental inventory hitting the market.

“Together, these factors signal a broader market correction after several years of rapid rent increases,” said Zumper.

The report surmised that the era of double-digit annual rent increases witnessed across Canada “appears to be over.”

Pictured: Apartment towers and other buildings near English Bay in Vancouver’s West End.

Photo: Shutterstock

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