Metro Vancouver rent prices have decreased this month over last but remain the highest in Canada.
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 (see slide two).
Additionally, prices decreased slightly year-over-year, falling by $3 since November 2023. These subtle decreases represent a trend in Metro Vancouver's year-over-year prices, as October's figures also dropped by $25.
The rental website points out another interesting trend. This November, unfurnished one-bedroom units cost more to rent for more than furnished ones by an average of $31. Typically, unfurnished units cost significantly less.
Four of Canada's top five most expensive cities are in the Lower Mainland, with only Markham, Ontario, in fourth.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver remains Canada's most expensive market in which to rent a newly listed, one-bedroom unfurnished unit this November with prices averaging $2,896. However, prices decreased this month by $11 from October. The city also has the region's priciest unfurnished two- and three-bedroom options, at $3,533 and $4,499, respectively (see slides three and four).
North Vancouver is the second-priciest place to rent an unfurnished, one-bedroom unit, with prices averaging $2,583. Despite remaining the region's second most expensive market, prices dropped significantly, falling by $117 from $2,700 in October.
Vancouver continues to round out the top three priciest places to rent an unfurnished one-bedroom unit, with prices averaging $2,548.
Burnaby's prices were slightly higher than Richmond's this month, averaging $2,366. Richmond rounded out the top five priciest cities for housing rentals, with its units averaging $2,358.
On the other end of the spectrum, Surrey was the only city with prices averaging under $2,000 per month for the second consecutive month. The average price of a newly listed, one-bedroom unfurnished unit was $1,986.
Langley's unfurnished one-bedroom only cost slightly higher, averaging $2,034 in November.
Renters looking for furnished two- or three-bedroom options will find the most affordable options in Langley, with prices averaging $2,578 and $3,164, respectively.
Vancouver rent by neighbourhood in October
Downtown Vancouver is the most expensive neighbourhood to rent a newly listed, one-bedroom unfurnished unit in the city in November, with prices averaging $2,772 (see slide five).
West Point Grey/UBC follows the downtown area, with the same units averaging $2,685 in the city's second-priciest market.
The Dunbar-Arbutus neighbourhood has the third most expensive market, with units averaging $2,643.
Fairview followed in fourth, with units averaging $2,564, while Mount Pleasant rounded out the top five, with units averaging $2,509.
Locals searching for cheaper options can find the lowest prices in the Renfrew-Collingwood neighbourhood, with units averaging $2,124.
