Rentals.ca and Urbanation released their October 2026 National Rent Report on October 7. For Greater Vancouver, September asking rents rose over the month, and they are still lower than a year ago.
What the September report says
The average asking rent for all property types in Canada was $2,034 in September, down 4.2% from a year earlier. That is the 24th straight month of annual declines, and 9.2% below the May 2024 peak of $2,202. CBC News reported the same figures, including a 2.9% annual drop in B.C. asking rents across all property types.
For apartments and condos, B.C. was the most expensive province, at $2,373: up 0.8% from August, down 2.3% from September 2025, and down 10.7% over three years.
In Vancouver, apartment and condo asking rents rose 1.4% from August to $2,741, the largest monthly gain among Canada's six largest markets. Montreal and Edmonton were each up 0.2%, Ottawa was down 0.2%, and Toronto was down 0.6%. Year over year, Vancouver was still down 1.3%. That is a narrower drop than August's 4.1% annual decline, and it was the 34th straight month of annual declines. The report says September asking rents in Vancouver were the lowest for that month since 2021.
Urbanation president Shaun Hildebrand said supply has been "the main driver of this correction," and that in Toronto and Vancouver "new supply is moving past its peak." One-bedroom asking rents in Vancouver fell 4.8% from a year ago, to $2,380, the largest one-bedroom decline among the major markets in the report. Three-bedroom asking rents were $3,993, down 1.8% from a year ago.
Coquitlam and other nearby cities
The report does not publish a figure for Port Moody or Port Coquitlam. Among markets outside Canada's six largest cities, it lists North Vancouver at $2,983, with rents essentially unchanged from a year earlier, Richmond at $2,572, Burnaby at $2,548 and Coquitlam at $2,497. Richmond's apartment and condo asking rents were down 8.4% year over year.
Those are averages of listings, not the rent on a particular suite. In the Tri-Cities, BC, a new building and an older walk-up on the same street can be far apart.
If you're renting or moving here
If you're a newcomer relocating to Greater Vancouver, one higher month is not the whole story. Asking rents here are still below last September, and they are still high next to most of the country. After 28 years of living here, this is how I read it:
- These are asking rents on vacant listings. Rentals.ca says that differs from CMHC, which includes homes people already occupy. The figure on a listing is the one to budget for.
- Shared accommodations in Vancouver averaged $1,163, down 8.3% from a year ago. A room can be a starting point, and it is still a real monthly cost.
- Coquitlam's average in this report is lower than Vancouver, Burnaby and Richmond. Match that to your commute. Only the suite you are applying for has a number you can use.
My relocation rental service for tenants covers all of Greater Vancouver, including the Tri-Cities, BC. The fee is $1,500 + GST, paid by the tenant: $750, non-refundable, at the start, and $750 once a rental is secured. Reach out about 4 to 6 weeks before your move, because most listings appear close to the available date. My guide to relocating to Greater Vancouver covers areas and commuting.
If you're buying or selling
This is a rent report, not a sales report, and it is not mortgage, tax or legal advice. If you're buying a home to live in, recent sales in the neighbourhood matter more than a national rent average. Looking for a realtor in Coquitlam, Port Coquitlam or Port Moody? My page for home buyers is where I explain how that search works. If you're selling, price from recent comparable sales on your street. A rent average will not tell you what your home will sell for.