Two Metro Vancouver cities hold on to title as Canada’s costliest places to rent

Rent prices in Canada have generally declined year-over-year, but Vancouver and Burnaby remain the priciest cities for renters. Vancouver's median rent is $2,520 for one-bedroom and $3,450 for two-bedroom units, while Burnaby's median rents are $2,300 and $2,900, respectively. Declines are driven by increased supply, slower population growth, and cautious renters due to high living costs, signaling a market correction.