Rent or buy in North Vancouver?
Checked 4 October 2026 · next review January 2027In CMHC’s October 2025 survey, a two-bedroom purpose-built rental apartment averaged $2,444 a month in the City of North Vancouver and $2,733 in the District. Buying tends to make sense when you plan to stay long enough to cover the costs of buying and selling, and when the monthly cost of owning, tested at the qualifying rate, still fits your budget.
This is general information, not financial or tax advice, and the rules are subject to change. Talk to your lender and your accountant before you decide.
| Province of BC, property transfer tax | 1-888-841-0090 · 236-478-1593 · PTTENQ@gov.bc.ca |
| Canada Revenue Agency, FHSA and Home Buyers’ Plan | 1-800-959-8281 |
| City of North Vancouver | 604-985-7761 · info@cnv.org · 141 West 14th Street |
| District of North Vancouver | 604-990-2311 · infoweb@dnv.org · 355 West Queens Road |
What renting costs: CMHC, October 2025
| Average monthly rent | City of North Vancouver | District of North Vancouver | Vancouver area |
|---|---|---|---|
| Studio | $1,681 | not published | $1,667 |
| One bedroom | $1,918 | $2,350 | $1,807 |
| Two bedrooms | $2,444 | $2,733 | $2,364 |
| Three bedrooms or more | $3,809 | $2,856 | $2,820 |
| Vacancy rate, all units | 2.9% | 3.3% | 3.7% |
Purpose-built rental apartments only, from CMHC’s Rental Market Survey. Condos rented by their owners are not included and often rent for more. CMHC reported Vancouver-area vacancy at its highest level in over 30 years.
The rules on each side
If you rent
Your landlord can raise rent once a year, by at most 2.3% in 2026 and 2.2% in 2027. BC’s renter’s tax credit is up to $400 a year; for 2026 the full credit goes to adjusted incomes up to $66,189.
If you buy
Minimum down payment: 5% of the first $500,000 and 10% of the rest, 20% from $1,500,000. Lenders test you at the higher of your rate plus 2% or 5.25%. First-time buyers can get a 30-year amortization on an insured mortgage.
Help for first-time buyers
| Program | What it gives you |
|---|---|
| First Home Savings Account | Save up to $8,000 a year, $40,000 in total, tax-deductible going in and tax-free coming out for a first home. Unused room carries forward, up to $8,000. |
| RRSP Home Buyers’ Plan | Withdraw up to $60,000 from your RRSP. For a first withdrawal between 2026 and 2028, repayments start in the fifth year after. |
| Property transfer tax exemption | No transfer tax on the first $500,000 if the home is worth $835,000 or less, a saving of up to $8,000; partial up to $860,000. |
Many North Vancouver homes for sale are priced at $835,000 or less.
Questions that decide it
- How long will you stay? Buying and selling both cost money, so a short stay favours renting.
- At the qualifying rate, what would your mortgage, strata fee and property tax add up to each month, against your rent today?
- Is your rent likely to stay where it is, or are you on a month-to-month or fixed term that is ending?
- Have you opened an FHSA? Room only starts building the year you open it.
Rents, rates and programs change. Check rents for the exact building, ask your lender what you qualify for at today’s rate, and confirm FHSA or Home Buyers’ Plan details with CRA on 1-800-959-8281 or your accountant before you decide.
- CMHC, Rental Market Report, Vancouver, 2025. Checked 4 October 2026.
- CMHC, Housing Market Information Portal, average rents. Checked 4 October 2026.
- Province of British Columbia, Rent increases. Checked 4 October 2026.
- Province of British Columbia, Renter’s tax credit. Checked 4 October 2026.
- OSFI, Minimum qualifying rate. Checked 4 October 2026.
- Financial Consumer Agency of Canada, Down payment. Checked 4 October 2026.
- Department of Finance Canada, Mortgage reforms in force, December 2024. Checked 4 October 2026.
- Canada Revenue Agency, Contributing to your FHSA. Checked 4 October 2026.
- Canada Revenue Agency, Home Buyers’ Plan. Checked 4 October 2026.
- Province of British Columbia, First time home buyers’ exemption. Checked 4 October 2026.