Metro Â鶹´«Ã½Ó³»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 , 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 " to 3.25 [per cent], which has led many to believe that rent and home prices may continue to fall through 2025."
Metro Â鶹´«Ã½Ó³»apartments for rent: Average rent by listing type
West Â鶹´«Ã½Ó³»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 Â鶹´«Ã½Ó³»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 Â鶹´«Ã½Ó³»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 Â鶹´«Ã½Ó³»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 Â鶹´«Ã½Ó³»made Canada's top five most expensive cities list. Markham, Ontario rounded out the top five after Richmond, with its units 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%).
Â鶹´«Ã½Ó³»rent by neighbourhood in January
Downtown Â鶹´«Ã½Ó³»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 Â鶹´«Ã½Ó³»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.
