Average rent in B.C. down from 2023
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BRITISH COLUMBIA— A new report from Rentals.ca and Urbination shows that B.C. rent price dropped by two percent from 2023. However, the average asking price on rent is still $2,494.
Since the beginning of the pandemic in March 2020 the average asking rent in Canada rose by a total of 21 per cent. Although, rent saw a month-over-month decrease from February to March 2024, which according to the report can be partly attributed to seasonal factors and a recent slowdown in rental demand in Canada’s most expensive markets.
“The March data showed early signs of rent increases easing at the national level, weighed down by recent declines in key markets in Vancouver and Toronto,” said Shaun Hildebrand, President of Urbanation. “As population growth slows with caps on non-permanent residents and supply increases as rental completions continue to rise, rent growth should continue to moderate towards more sustainable levels.”
While, B.C. has shown a decrease in rent prices, the top five most expensive cities were all based in B.C. led by North Vancouver. This is the first time since July 2022 that the asking rent for purpose-built and condominium apartments fell below $3,000 dollars with the average asking rent being $2,993.
