After three consecutive months of decreases, rent prices have increased in Metro Vancouver in July.
The price for a newly-listed, unfurnished, one-bedroom rental unit has increased by a modest $9 from $2,223 to $2,232.
However, regional prices have decreased significantly year-over-year. Since July 2024, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has decreased by $129.
Liv.rent notes that the Bank of Canada recently indicated that it "would maintain the target overnight rate at 2.75%, which has led many to believe that rent and home prices may continue to fall through 2025."
All five of the country’s most expensive cities for renters this July are located in Metro Vancouver.
Metro Vancouver rental housing: Average rent by listing type
West Vancouver remains Canada's most expensive city in which to rent a newly-listed, one-bedroom furnished rental unit, increasing from $2,598 in June to $2,617 in July, according to Liv.rent's data. The city also has the most expensive two- and three-bedroom rental units, with units averaging $3,662 and $4,724, respectively.
North Vancouver was the second-priciest city to rent a one-bedroom unit in July, with prices increasing from $2,473 in June to $2,476.
Vancouver rounded out the top three priciest places, with prices for its one-bedroom units dropping from $2,436 in June to $2,421 in July.
Richmond's one-bedroom rental units averaged $2,338 this month, making it the fourth-most expensive city. However, prices decreased from last month's average of $2,384.
Burnaby rounded out the top five priciest cities list, with its units averaging $2,289, up from $2,249 in June.
Surrey continues to offer the most affordable rent for all types of unfurnished units, with one-bedroom units averaging $1,846, two-bedroom units averaging $2,311, and three-bedroom units averaging $3,089.
Furnished units rented for less than the cost of unfurnished ones in five of nine Metro Vancouver cities. Liv.rent notes cities include"Langley (–2.6%), Burnaby (–2.5%), West Vancouver (–2.2%), Richmond (–0.9%), and New Westminster (–0.5%)," indicating that the "usual furnished premium has disappeared in much of the region."
Vancouver rent by neighbourhood in July
West Point Grey/UBC has overtaken Downtown Vancouver as the most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for an average of $2,863.
However, Downtown Vancouver's rental prices weren't much more affordable. The neighbourhood had the second-highest prices, averaging $2,818.
Shaughnessy was the third-priciest neighbourhood this month, with units averaging $2,431. Mount Pleasant was the fourth-most expensive area, with its units averaging $2,408.
Fairview rounded out the top five, with its units averaging $2,363.
Hastings-Sunrise remains the most budget-friendly Vancouver neighbourhood for new listings, at $1,1940 for a one-bedroom unfurnished unit.
