Vancouver Rent Drops for 22 Straight Months — But North Shore and City Core Still Drain Wallets Hardest

The latest Rentals.ca national rent report for July 2026 confirms what local tenants already feel in their bank accounts: Vancouver's two-year rent decline is real, but the city and its North Shore neighbour remain locked in as Canada's most expensive big markets. North Vancouver topped the country at $3,039 average rent, with Vancouver proper second at $2,686. This comes even as Canadian rents overall dropped four per cent year-over-year to a national average of $2,037, marking the 22nd consecutive month of declines nationally. The July drop was the smallest since February, suggesting the downward momentum is slowing.

The divergence between markets is striking. While Vancouver and Burnaby saw year-over-year drops of roughly 3.6 to 4.5 per cent, Toronto rents barely budged — down just under one per cent annually and actually rising 1.5 per cent from June. The Rentals.ca report notes that Ontario rents appear to be stabilizing after a prolonged slump, while B.C. remains the most expensive province at $2,384 provincial average. Critically, the data reflects asking rents for available units, not what existing tenants pay, meaning the numbers capture landlord expectations and new lease pricing rather than the full rental stock.