Metro Vancouver's average rent prices increased in February after decreasing for the previous three consecutive months.
Rental prices for a newly-listed unfurnished, one-bedroom apartment increased by a in February, according to the latest report from liv.rent which was issued near the end of the month (see slide two). In January, prices had decreased by $4 to $2,293, according to the data.
While overall prices increased slightly last month, the report's authors note that the Bank of Canada’s Jan. 29 announcement that it would to 3 per cent has led many to believe that rent prices may continue to fall through 2025.
Since February 2024, the region's average rate for an unfurnished one-bedroom unit has decreased by $82.
Four of Canada's top five most expensive cities were located in Metro Â鶹´«Ã½Ó³»in February, with Markham, Ontario rounding out the top five priciest places. It's unfurnished, one-bedroom units averaged $2,295 in February.
Metro Â鶹´«Ã½Ó³»apartments for rent: Average rent by listing type
West Â鶹´«Ã½Ó³»remained the most expensive city in which to rent a newly-listed, one-bedroom unfurnished unit in the Lower Mainland in February with prices averaging $2,725, down $46 from $2,771 in January (see slide three). It is also the most expensive market to rent these units in the Great White North.
West Â鶹´«Ã½Ó³»was also the priciest city in which to rent a two- or three-bedroom unfurnished apartment, with costs averaging $3,453 and $4,736, respectively.
North Â鶹´«Ã½Ó³»was the second-most expensive city in which to rent a one-bedroom, unfurnished unit in the region, with prices averaging $2,572, up $20 from the month before.
The City of Â鶹´«Ã½Ó³»rounded out the top three priciest cities this February, with its units averaging $2,468 (down $22 from $2,468).
Richmond and Burnaby were the fourth and fifth most expensive markets for newly-listed rental units in February 2025, with rents averaging $2,337 and $2,251, respectively.
On the other end of the spectrum, Surrey offered the best value for renters looking for cheaper one-bedroom unfurnished units, with prices averaging $1,912. Langley's average prices were only slightly higher at $2,071.
Folks looking for the lowest prices for two-bedroom units should also check out Langley, which had the cheapest average price at $2,396 last month. Surrey had the cheapest options for three-bedroom units, with rents averaging $2,983.
Liv.rent notes that one-bedroom furnished units rent for an average of roughly $79 more than unfurnished ones in February (see slide four).
Â鶹´«Ã½Ó³»rent by neighbourhood in January
Downtown Â鶹´«Ã½Ó³»was the city’s most expensive neighbourhood this February, with an unfurnished one-bedroom unit renting for an average of $2,706 (see slide five).
West Point Grey/UBC was the second priciest area, with costs averaging $2,566, while Mount Pleasant was the third-priciest neighbourhood at $2,559.
Renters looking for cheaper options found the lowest prices in Sunset-Victoria Fraserview, with prices averaging $1,970 or a difference of $736 from Downtown Vancouver.
