Metro Vancouver rental prices haven't declined, but several neighbourhoods offer a better bang for your buck (and they likely aren't in West Vancouver).
The average price for a newly-listed, unfurnished, one-bedroom rental unit has increased by a modest $9 from $2,223 in June to $2,232 in July 2025.
West Vancouver remains Canada's most expensive city in which to rent a newly-listed, one-bedroom unfurnished rental unit, increasing from $2,598 in June to $2,617 in July.
All five of Canada's priciest cities are located in Metro Vancouver, although prices have decreased year-over-year by $129.
Take a look at some neighbourhoods with more affordable options.
Metro Vancouver areas with more affordable rental prices
For the first time in months, the cheapest place to rent in the Lower Mainland isn't located in the Fraser Valley.
This July, Surrey's Newton neighbourhood is the most affordable place to rent a newly-listed, one-bedroom unit, with prices averaging $1,517, down from $1,911 in June.
Surrey's Guildford area is another affordable rental option this month, with prices averaging $1,768. Fleetwood's rental prices also averaged under $1,800, at $1,777 this July.
Surrey City Centre's prices averaged $1,856, with South Surrey's prices at $2,014.
The Fraser Valley remains an affordable option for folks comfortable with living outside of the Metro Vancouver region. Prices averaged $1,580 for a newly-listed, one-bedroom unit, up from $1,529 in June.
Langley is the third-cheapest option for renters, with one-bedroom units averaging $1,848 in the Willowbrook neighbourhood. In the Willoughby area, prices averaged $2,030.
Folks who prefer to rent in Vancouver proper have a few cheaper options to choose from, although some areas are costly. Hastings-Sunrise remains the most budget-friendly Vancouver neighbourhood for new listings, at $1,940 for a one-bedroom, unfurnished unit.
The Marpole neighbourhood was the next cheapest option in Vancouver, with rentals averaging $2,060. The Renfrew-Colingwood neighbourhood had the third-cheapest options in the city, with monthly rental prices averaging $2,101.
Rental units in Burnaby's South Slope neighbourhood averaged $1,989. In SFU/Burnaby Heights, they averaged $2,067.
