Despite Metro Vancouver rental prices falling this month over last, renters hunting for a new place to live won't find many affordable options.
All of Canada’s top five most expensive cities are located in B.C., with West Vancouver taking the top spot this February, with an average monthly rental price for a one-bedroom, unfurnished unit costing $2,533.
Downtown Vancouver remains the most expensive neighbourhood in which to rent in the city, with its unfurnished one-bedroom units averaging $2,796.
The price for a rental unit in all of Metro Vancouver isn't much lower, averaging $2,251 this February.
The cheapest Metro Vancouver neighbourhoods for rental housing in February 2023
Locals looking for cheaper options aren't totally out of luck in February. The cheapest neighbourhood to rent in the Lower Mainland is actually in a city, Abbotsford, with unfurnished, one-bedroom units averaging $1,635 per month. While this is the lowest in the region, prices have increased in the city this month over last, rising $65 from $1,570.
Renters who aren't willing to move out to the Fraser Valley can also browse some low-cost options in Surrey again, with South Surrey units averaging $1,840.
Surrey City Centre prices cost about $100 more, keeping prices just under the $2,000 mark at $1,932.
Langley's Willoughby neighbourhood is another low-cost option, with unfurnished, one-bedroom apartments costing an average of $1,810.
For neighbourhoods in the City of Vancouver, the Hastings-Sunrise neighbourhood has the lowest average price at $1,950.
Sunset-Victoria Fraserview was the second-most-affordable neighbourhood, with units averaging $1,989.
