Metro Vancouver rent prices have dropped year over year for the third consecutive month. In September, the average rent for a one-bedroom, unfurnished unit fell to $2,370, down by $8 from August and $68 cheaper than in September 2023. This downward trend follows a similar pattern from August, driven by anticipated interest rate cuts from the Bank of Canada.
All five of Canada’s most expensive rental cities are in Metro Vancouver, with West Vancouver being the priciest at $2,765 for a one-bedroom unit, followed by North Vancouver, Vancouver, Richmond, and Burnaby.
Among Vancouver’s neighbourhoods, West Point Grey/UBC is the most expensive, averaging $2,986, while Sunset-Victoria Fraserview remains the cheapest at $2,141. Surrey offers the lowest rents in the region at $1,958. Langley saw a sharp drop in furnished unit prices but a rise in unfurnished unit costs.
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