The latest numbers are in – here’s what’s happening across Metro Vancouver

Year-Over-Year Rental Rates Have Dropped: Across every municipality and all rental categories (1, 2 & 3-bedroom, furnished and unfurnished), average rents are lower than they were in February 2025.

3-Bedroom Homes in Burnaby Show One of the Steepest Annual Drops: In February 2025, the average rent for a 3-bedroom was $3,495/month. As of February 2026, that average is $3,060/month — a $435/month decline, representing a 12.5% decrease year-over-year.

A Few Segments Posted Modest Month-Over-Month Gains: 2-bedroom units in Vancouver, North Vancouver, and West Vancouver saw slight increases from January, as well as 3-bedroom units in Vancouver, West Vancouver and Coquitlam.

February 2026 Average Rent Prices (unfurnished):

Vancouver
1-Bedroom: $2,249
2-Bedroom: $2,969
3-Bedroom: $3,90

North Vancouver
1-Bedroom: $2,304
2-Bedroom: $3,206
3-Bedroom: $4,214

West Vancouver
1-Bedroom: $2,423
2-Bedroom: $3,270
3-Bedroom: $4,675

Burnaby
1-Bedroom: $2,119
2-Bedroom: $2,693
3-Bedroom: $3,060

Coquitlam
1-Bedroom: $1,948
2-Bedroom: $2,468
3-Bedroom: $3,259

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