Here’s how much asking rents dropped in Metro Vancouver over the last year

The cost of renting a home in Metro Vancouver is going down, according to a new report.

While Metro Vancouver remains one of the most expensive places to live in Canada, asking rents in the region continued on a downward trend last month, according to a new report.

Monthly data from liv.rent, an online rental platform, shows the average asking price for an unfurnished one-bedroom home in Metro Vancouver declined to $2,061 in March.

That’s down $245—or 10.6 per cent—from March 2025.

Downtown Vancouver saw one of the biggest year-over-year declines in the report, with unfurnished one-bedroom units falling to $2,383. That’s a drop of $381, or 13.8 per cent.

B.C. Housing Minister Christine Boyle called the news “heartening.”

“This progress is a reflection of the many years of taking action and strong collaboration across all levels of government—to speed up approvals, reduce barriers to construction, crack down on speculators and build important partnerships to get homes built, faster,” Boyle said in a statement.

The news wasn’t as rosy everywhere. Rentals listed in Vancouver’s West Point Grey neighbourhood and the University of British Columbia remain the priciest in the region, and average asking rents for unfurnished one-bedroom homes in the areas increased slightly in March from the previous month, reaching $2,791.

North Vancouver, New Westminster and Burnaby all saw minor increases over February rents as well.

Despite the overall decrease recorded in Metro Vancouver, the region also remained pricier than Toronto, where unfurnished one-bedroom units were $1,972 on average last month, according to liv.rent’s data.