Vancouver saw the biggest increase in rent in Canada last month after consecutive months of decreases.
While rent is still down in Vancouver compared to last year, according to the latest report from Rentals.ca, the city saw the highest rent increase on the platform in February compared to every other city in Canada.
In February, Vancouver hit an average apartment asking rent of $2,664, a 1.3 per cent increase compared to January 2026.
Despite Vancouver’s month-over-month increase, Rentals.ca says it was a positive month for rent nationally regarding affordability.
“Rents have declined on an annual basis for the 17th consecutive month, as well as falling by 1.3 per cent on a month-over-month basis, the largest decrease in February since 2020. However, rents rose month-over-month in the key markets of Vancouver, Ottawa, Calgary, Edmonton and Montreal,” Rentals.ca’s report states.
“Rental affordability improved significantly, with the rent-to-income ratio falling to 29 per cent, its lowest level in over six years and below the industry benchmark of 30 per cent,” the report adds.
Looking at one-bedroom units across Metro Vancouver, North Vancouver is still the most expensive place to rent, according to Rentals.ca.
Average rent for a one-bedroom in North Vancouver hit $2,465 in February 2026. That marks a slight 0.1 per cent decrease compared to January 2026, and a much more significant 6.1 per cent decrease compared to February 2025. Two-bedroom units did see a bit of an increase for the average asking rent in North Vancouver, jumping 1.3 per cent compared to January 2026, to a new average of $3,330 per month.
A one-bedroom unit in Vancouver had an average asking price of $2,376 in February 2026, a 0.6 per cent increase compared to January 2026. Two-bedroom units saw an increase of 0.3 per cent, reaching a new average rate of $3,289 per month.
Burnaby and Coquitlam rounded out the top five least affordable places to rent in Canada, which both saw month-over-month and year-over-year increases.
Rentals.ca
It remains to be seen if the increase Vancouver saw is the start of a trend or just a blip.