People searching for cheap rent in Metro Vancouver still have some options, despite being in Canada's priciest rental housing market.
The price for a newly listed one-bedroom, unfurnished rental unit decreased by $22 to $2,359 from $2,381 in November, according to the latest report from liv.rent.
However, prices for rent in other parts of the region are significantly steeper.
Rent prices in the region's most expensive city, West Vancouver, decreased only slightly by $11 to $2,896 this month, while the city of Vancouver's priciest neighbourhood, the downtown area, saw average rents for newly-listed units soar to $2,772.
Four of Canada's top five most expensive cities in which to find a new rental are in the Lower Mainland, with only Markham, Ontario, in fourth.
The cheapest Metro Vancouver neighbourhoods for rental housing in November 2024
Locals looking to spend several hundred dollars less than the average cost in Metro Vancouver can find lower prices in the Fraser Valley. Abbotsford remains the cheapest city in the general region, with prices for a newly listed, one-bedroom unfurnished unit averaging $1,576 (see slide two).
Langley also offers rent under $2,000 a month, with the Willowbrook neighbourhood averaging $1,948 and the Willoughby area averaging $2,017 for new options on the rental market right now.
Renters who prefer to live within Metro Vancouver can find the second-cheapest options in Surrey. The Newton neighbourhood offers the best bang for your buck, with prices averaging $1,718 for one-bedroom unfurnished units. Guildford has the next cheapest options, with prices averaging $1,887 for the same units.
No other Surrey neighbourhoods offer rent for under $2,000 but a few cost only marginally more. Surrey City Centre averaged $2,003, while White Rock averaged $2,015. The Fleetwood area rounded out Surrey's top five most affordable options, with prices averaging $2,056.
Locals hoping to live in Vancouver proper also have an option under the $2,000 mark, with Sunset-Victoria Fraserview neighbourhood averaging $1,928. There are also a couple of options under $2200. The Hastings-Sunrise neighbourhood ($2,112) and the Renfrew-Collingwood ($2,124) area (see slide three).
Burnaby's cheapest neighbourhood is South Slope, with rent averaging $2,073, while Richmond's cheapest is considerably higher, with the Steveston area's prices averaging $2,254 for units hitting the rental market.
