Vancouver rent rose 0.2% in October, first annual increase in 34 months
Rentals.ca and Urbanation's November 2026 rent report shows Vancouver average asking rent reached $2,735 in October, up 0.2% year-over-year for the first time since late 2023.
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Vancouver apartment and condo asking rents rose 0.2% year-over-year in October 2026, reaching an average of $2,735, according to the Rentals.ca and Urbanation November 2026 National Rent Report published November 5. Daily Hive Vancouver first reported the data the same day.
The 0.2% increase ends 34 consecutive months of annual rent declines in Vancouver. The last time Vancouver rents rose year-over-year was in late 2023, when rents peaked at an average of $3,335 in September 2023, according to Daily Hive.
Where the increase is coming from
The Rentals.ca report says the overall increase is coming from larger units. Three-bedroom Vancouver rents rose 2.6% year-over-year to $4,042 in October. One-bedroom and two-bedroom rents remain below year-ago levels. Month-over-month, Vancouver rents edged down 0.2% from September to October.
Rentals.ca's communications director Giacoma Ladas told Daily Hive that rents rose "mainly because supply is starting to tighten." Fewer available listings are coming to market, and that reduced inventory is putting upward pressure on asking rents, he said.
How Vancouver compares
Toronto also saw rents rise year-over-year in October, up 1.6% to $2,590, ending 32 consecutive months of annual declines, according to the Rentals.ca report. Ottawa rents rose 0.3% to $2,170. Calgary (-2.4%), Edmonton (-1.3%) and Montreal (-0.3%) all saw annual declines.
The report describes Toronto and Vancouver as the first large markets to stabilize after leading the national decline cycle. Both markets peaked in 2023 and have now posted annual gains before the other large cities.
Over the past two years, Vancouver rents fell 7.1% from October 2024, the report says. Nationally, average asking rent for all property types was $2,036 in October, down 3.2% year-over-year. That is the 25th consecutive month of annual decline nationally, though the smallest annual decline since February 2026.
What comes next
Ladas told Daily Hive it is "hard to predict with certainty" whether Vancouver rents will keep climbing. He said supply continuing to decline would support further rent growth, but that the fall and winter rental season is typically slower and could moderate any increases.
The new Vancouver City Council has made housing a priority, with promises across multiple parties to add supportive housing, strengthen the empty homes tax and restore the renters' office. Those commitments are tracked at the promise tracker.
Renters and people looking for housing in Vancouver can find current listings and the full Rentals.ca report at rentals.ca.
Questions this story answers
What was the average asking rent in Vancouver in October 2026?
The Rentals.ca and Urbanation November 2026 National Rent Report puts the average asking rent for apartments and condos in Vancouver at $2,735 in October 2026, up 0.2% from the same month in 2025. That is the first annual increase after 34 consecutive months of annual declines in Vancouver, the report says.
How long had Vancouver rent been declining before October 2026?
According to the Rentals.ca and Urbanation November 2026 National Rent Report, Vancouver apartment and condo rents had fallen year-over-year for 34 consecutive months before October 2026. The streak began after rents peaked at an average of $3,335 in September 2023 and ends with the 0.2% annual increase recorded in October 2026.
Are one-bedroom and two-bedroom rents in Vancouver rising?
The Rentals.ca report says Vancouver's one-bedroom and two-bedroom rents are still below year-ago levels in October 2026. The overall annual increase is coming from three-bedroom units, which rose 2.6% year-over-year to $4,042.
Why are Vancouver rents rising again?
Rentals.ca's communications director Giacoma Ladas told Daily Hive that Vancouver rent rose 'mainly because supply is starting to tighten.' He said fewer available listings are coming onto the market, and that reduced inventory is putting upward pressure on asking rents.
How much have Vancouver rents fallen over two years?
According to the Rentals.ca report, Vancouver apartment and condo rents fell 7.1% over the two years from October 2024 to October 2026. The report says Vancouver peaked in September 2023, when average asking rent was $3,335 according to Daily Hive.
How does Vancouver compare to other cities in October 2026?
The Rentals.ca report shows Toronto rents also rose year-over-year in October, up 1.6% to $2,590. Calgary (-2.4%), Edmonton (-1.3%) and Montreal (-0.3%) saw annual declines. Vancouver and Toronto are described in the report as the first markets to stabilize after leading the national decline.
What is the national average asking rent in October 2026?
The Rentals.ca and Urbanation report puts the national average asking rent for all property types in Canada at $2,036 in October 2026, down 3.2% year-over-year. That is the 25th consecutive month of annual national decline, though the smallest annual decline since February 2026.
What can renters or people looking for housing in Vancouver do with this information?
Renters in Vancouver and people looking for housing can use this data to understand the direction of the rental market. The Rentals.ca report and further data are available at rentals.ca. The new Vancouver City Council's housing plans are tracked at the promise tracker at voche.me/tracker.
Sources
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