Langley rental prices decline amid rising costs in Vancouver and Toronto

According to the November National Rental Report by Rentals.ca and Urbanation, asking rents in Langley have continued to slide. The city ranked as the 19th most expensive city for asking rent in Canada last month.

In Langley, the overall average rent was $2,216, a decrease from $2,346 a year ago. Specifically, one-bedroom asking rents fell 5.9 per cent year-over-year to $1,828, while two-bedroom rents saw a slight decrease of 0.5 per cent to $2,409.

This downward trend in Langley contrasts with Vancouver and Toronto, both of which saw rent increases compared to the same month last year, marking their first annual increases after more than two and a half years of declines. Nationally, while overall rents continue to decline on an annual basis, they rose 0.1 per cent from October. Condo rentals are falling faster than purpose-built apartments, with condos down 5.5 per cent and rental apartments down 2.1 per cent compared to last year.