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Rents drop 8.7 per cent Canada-wide; Vancouver most expensive city: data

Last Updated Feb 16, 2021 at 10:34 pm PDT

(iStock Photo)

Rents across Canada have dropped an average of 8.7 per cent in the last year, according to Rental.ca

The most expensive province to rent a home is in B.C., with Vancouver being the most expensive city

Those behind the study say there's currently a lot of choice for tenants who have more bargaining power than before

VANCOUVER (NEWS 1130) – The cost of rental housing is down Canada-wide in the last year, but Vancouver is still the most expensive city, data shows.

According to Rentals.ca, rents have dropped by 8.7 per cent and the average asking rent for Canadian properties in January was $1,714 per month.

Vancouver came out on top for the most expensive rents in the country, with $1,901 for a one-bedroom home and $2,153 for a two-bedroom. But that was also down five per cent.

B.C. had the highest average for rent in the country at $1,990, and the highest average rent per square foot for all property types in January.

“Prospective tenants continue to experience a market flush with choice, and have more bargaining power than they’ve had in many years,” says Matt Danison, CEO of Rentals.ca.