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Vancouver, Burnaby Home of Canada’s Highest Apartment Rents

Monte Stewart May 21, 2025 2 min read
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Vancouver, Burnaby Home of Canada’s Highest Apartment Rents
AI Article Summary

Despite a national decrease in rental prices, Vancouver and Burnaby, B.C., remain Canada's most expensive for renting apartments, with median rents reaching $2,520 and $2,300 for one-bedroom units, respectively. The latest report by Zumper shows a continued decline in annual rent rates, attributed to increasing supply and softening demand. The report suggests that external factors such as high cost of living in these markets have slowed leasing activities. This trend is noted as part of a broader market correction following years of rapid rent increases.