Metro Vancouver rent prices have, perhaps unsurprisingly, risen this month-over-last, breaking the previous two-month streak of costs declining.
While rental prices in the Lower Mainland had declined in February and March, they were still the highest in Canada. Last month, the City of Vancouver was the priciest market in the country, with the average monthly price for a newly-listed unfurnished one-bedroom unit totalling $2,587.
And while prices have seen a slight increase this month over last, they have climbed a staggering amount year-over-year. Since April 2022, the monthly rental price for an unfurnished, one-bedroom unit in Metro Vancouver has increased by $355 or 18.61 per cent.
Metro Vancouver apartments for rent: Average rent by listing type
This month, prices in the City of Vancouver have dropped, falling slightly to an average of $2,523 for a one-bedroom, unfurnished unit; it is now the second-priciest market in Canada.
West Vancouver is now the most expensive market in the country with prices soaring to $2,730 from $2,584 in March.
North Vancouver is the third-priciest market, with one-bedroom, unfurnished units in the city averaging $2,476. Burnaby follows in fourth, with units averaging $2,361.
Richmond rounds out the top five most expensive cities, with units averaging $2,222.
On the other end of the spectrum, Langley offered the most affordable rent in the region, for both unfurnished and furnished one-bedroom units.
Vancouver rent by neighbourhood in April
Once again, locals looking to score rent for under $2,000 per month in the city are out of luck for another month in a row.
Downtown Vancouver has the steepest average prices this April, with one-bedroom, unfurnished units averaging $2,830.
Mount Pleasant prices are the second-highest, totalling an average of $2,497 per month for a one-bedroom, unfurnished unit. Kitsilano prices weren't much less, averaging $2,478 this month.
Units in the Dunbar-Arbutus neighbourhood average $2,456 this month, while West Point Grey/UBC rounds out the top five pricey places with units averaging $2,442.
The same type of unit was rented for an average of $2,110 in Vancouver’s cheapest neighbourhood, Strathcona-Grandview Woodland.
Four of the top five most expensive cities in Canada are located in the Lower Mainland. West Vancouver is the most expensive city in the country, with one-bedroom units averaging $2,730. The City of Vancouver is the second priciest market, with units averaging $2,523.
North Vancouver has the third-priciest market in the country, with one-bedroom, unfurnished units averaging $2,476. Burnaby has the fourth highest costs, with units averaging $2,361.
The fifth priciest market is located outside of the province. One-bedroom, unfurnished units in Markham, Ontario cost an average of $2,353 this month.