If there’s one thing Metro Vancouver is known for, it’s being expensive. That’s not news to anyone who lives here, but what might be more exciting is the fact that prices on units are currently falling.
Things are looking tentatively upward for renters. For those of you who are looking to move out or find a new place, now might just be the time to do so.
PRICES TRENDING DOWNWARD
According to liv.rent’s June 2025 Metro Vancouver Rent Report, “Metro Vancouver’s average rent prices have decreased this month and remain $114 below year-over-year levels. The Bank of Canada’s most recent announcement on June 4th indicated that it would maintain the target overnight rate of 2.75%, which has led many to believe that rent and home prices may continue to fall through 2025.”
Average prices for an unfurnished one-bedroom home have reportedly decreased by $52. Most notably, Coquitlam had the largest month-to-month decrease at -8.27% in rental prices also for unfurnished one-bedroom units.
CHEAPEST RENT IN THE LOWER MAINLAND
To get the most bang for your buck, liv.rent reports that “the least expensive cities for square footage are Coquitlam ($2.18/sq. ft.), Surrey ($2.45/sq. ft.) and Langley ($2.45/sq. ft.).” Alternatively, the most expensive cities are Vancouver and Richmond, which are at $3.72/sq. Ft. and $3.28/sq. ft., respectively.
For an unfurnished one-bedroom unit, here are the least to most expensive municipalities, ranked by their average rental prices.
- Surrey ($1,865)
- Langley ($1,898)
- Coquitlam ($1,995)
- New Westminster ($2,108)
- Burnaby ($2,249)
- Richmond ($2,384)
- Vancouver ($2,436)
- North Vancouver ($2,473)
- West Vancouver ($2,598)
Metro Vancouver still holds the title for the location of Canada’s top 5 most expensive cities to rent in. That includes West Vancouver, North Vancouver, Vancouver, Richmond, and Burnaby.
Fortunately, things are currently on a downward trend, and it appears like it will continue this way for the rest of the year. Although there are fluctuations in prices, such as West Vancouver’s increases (+1.51%), renting is getting cheaper for Metro Vancouverites.
You might also like
