Introduction
In a surprising turn, North Vancouver has officially overtaken Vancouver proper as Canada's priciest rental market. Once overshadowed by its southern neighbor, recent data reveals that rental prices in North Vancouver have climbed to the top.
How Did This Happen?
In April 2024, Rentals.ca reported that the average asking rent for a one bedroom apartment in North Vancouver hit $2,704, while Vancouver trailed at $2,633. Two bedroom units followed the same pattern, with North Van commanding $3,662 on average versus Vancouver’s $3,611.
That shift was confirmed again in a later report by liv.rent (November 2024), which showed North Vancouver leading the Metro region with average one bedroom rents jumping 10.4% month-over-month to $2,760 making it Canada’s most expensive city to rent.
What Do Recent 2025 Reports Show?
- Rentals.ca (Feb 2025) placed North Vancouver as Canada’s only city with apartment rents above $3,000, averaging $3,060 in January a 4.6% year-over-year drop but still the highest nationally.
- Rentals.ca (March 2025) again ranked North Vancouver at the top with average apartment rents around $3,054, ahead of Richmond, Burnaby, and Coquitlam.
- According to liv.rent (May 2025), North Vancouver’s rent per square foot reached $5.69, compared to West Vancouver’s $2.35 making North Van the highest on a per‑square‑foot basis in Metro Vancouver.
To Put It in Context
|
City |
1‑Bedroom Avg (Apr ’24) |
2‑Bedroom Avg (Apr ’24) |
|
North Vancouver |
$2,704 |
$3,662 |
|
Vancouver |
$2,633 |
$3,611 |
|
Burnaby |
~ |
~$2,990 |
And by early 2025, North Vancouver’s average rent topped $3,000, while Vancouver’s hovered near $2,800.
On-the-Ground Perspectives
Local renters describe it as a crisis:
“Only places I find cost over $4,000” – referencing two bedroom units around 800 sq ft.
“Renting inhuman in N Van… same rent as monthly pay.
Despite increased inventory, especially new rental buildings, rents have not dropped. Some newer units are criticized as over-priced and poorly built.
Why Are Rents So High?
- Rising interest rates have increased landlords' carrying costs, pushing rents upward.
- View and lifestyle premium: proximity to the waterfront, access to trails, strong community vibe, and excellent schools all add to rent premiums.
- Limited affordability trade-offs: Many renters can’t afford to buy in the area, forcing them into expensive rentals. Local stories describe 700–900 sq ft high‑rise units going for $3,500–4,500/month.
What This Means for Renters
- Expect to pay above $2,500 for one‑bedroom condos, and $3,300–$3,600 for two bedrooms.
- Compete hard: applicants with strong credit and references may negotiate 5–10% discounts.
- When to apply: get alerts on listings to apply on day one.
- Consider alternatives: some choose to live in nearby suburbs or even “super‑commute” rather than pay North Van rents.
Conclusion
As of early 2025, North Vancouver has cemented its position as Canada’s most expensive city to rent in. Whether buying or renting, affordability options in the region remain severely constrained and the rental market shows no signs of cooling off anytime soon.
