Metro Vancouver rent prices have fallen for a third consecutive month to kick off the new year but regional prices remain among Canada's highest in January 2025.
Rental prices for a newly-listed unfurnished, one-bedroom apartment fell a modest $4 from $2,297 to $2,293 this month, according to liv.rent's latest report. Year-over-year, regional rent prices have dropped $74 since January 2024.
The report's authors say the Bank of Canada’s announcement on Dec. 11, 2024, indicated it may "lower the target overnight rate to 3.25 [per cent], which has led many to believe that rent and home prices may continue to fall through 2025."
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver remains the priciest city in which to rent in Canada or the region, with prices for a newly listed, one-bedroom unfurnished unit averaging $2,771 monthly. Prices in Canada's most expensive city have also increased this month over last by $56.
West Vancouver is also the most expensive city to rent an unfurnished, two-bedroom unit, with prices averaging an eye-watering $3,624 (up a modest $5 from December 2024). It also has the priciest three-bedroom units, with prices averaging $4,249.
North Vancouver remains Canada's second-priciest market, with the same units averaging $2,552 this month, up $21 from December 2024. It also has the second-priciest two-bedroom units, averaging $3,433, up $57 from last month.
The city of Vancouver is Canada's third most expensive city for rentals, with newly-listed one-bedroom units averaging $2,490 and prices remaining flat month-over-month. Two-bedrooms averaged $3,262, up $54 from last month.
Richmond is the fourth is Canada's fourth priciest city, with newly-listed units averaging $2,320.
Only one non-Metro Vancouver made Canada's top five most expensive cities list. Markham, Ontario rounded out the top five after Richmond, with its units averaging $2,300 this month.
Burnaby rounds out Metro Vancouver's top five most expensive cities, with its units averaging $2,251.
Renter hopefuls looking for cheaper options can find the least expensive ones in Surrey. B.C.'s fastest-growing city was the only one to have rents averaging under $2,000 this month, at $1,945. It also has the cheapest rent for two- and three-bedroom unfurnished units, averaging $2,378 and $3,005, respectively.
The next best option for renters looking for cheaper options is Langley, with rents averaging $2,083.
Liv.rent says several cities saw significant price changes for furnished one-bedroom units this month. Average prices increased by nearly 10 per cent (+9.63%) in Langley and New Westminster (+9.02%).
On the other hand, prices for Coquitlam's furnished units dropped nearly 10 per cent (-8.55%).
Vancouver rent by neighbourhood in January
Downtown Vancouver remains the priciest neighbourhood to rent a newly listed, one-bedroom unfurnished unit in the city, with prices averaging $2,782.
West Point Grey/UBC was the second most expensive market, with prices for the same units averaging $2,678. Mount Pleasant followed in third, with prices averaging slightly lower at $2,674.
Fairview had the fourth-priciest market, with units averaging $2552, while Kitsilano rounded out the top five, with units averaging $2,486.
On the other side of the spectrum, Vancouverites hoping for affordable rent should check out Sunset-Victoria Fraserview. The east Vancouver neighbourhood was the only one in the city with rents averaging under $2,000 at $1,976. Renfrew-Collingwood is the next best option for renters looking for cheaper options, with rents averaging $2,220.
