The five most expensive cities in Canada to rent this month are in Metro Vancouver.

Rental prices in Metro Vancouver are down this month from last, but the five most expensive cities in Canada are in the area.

Rent prices for an unfurnished one-bedroom unit fell in February 2023, dropping $6 from $2,257 to $2,251, according to the latest Liv.rent rental report.

In December, prices for unfurnished one-bedroom units fell for the first time since July, falling $90 from the November median price ($2,317).

However, a look back at 2022 offers a less sunny outlook for what to expect for renters this year.

While some months saw average prices drop, the vast majority saw at least minor, if not significant, increases. And to kick off the new year, prices rose $30 to $2,257 in January.

In February 2022, prices for an unfurnished one-bedroom unit in Metro Vancouver were $411 (22.34%) lower.

Liv.rent notes February’s slightly lower rates follow “another rate hike by the Bank of Canada”, but many analysts expect this to be the last rate hike for some time, “suggesting that the country’s sky-high rental prices could gradually come down to earth in 2023.

Photo via Liv.rent

Apartments for Rent in Metro Vancouver: Average Rent by Listing Type

The five most expensive cities in Canada are all in British Columbia, with West Vancouver taking the top spot in February, with an average price for an unfurnished one-bedroom unit of $2,533.

The city of Vancouver was not far behind, however, with one-bedroom units averaging $2,525 this month. North Vancouver took third place, with units selling for an average of $2,497.

Burnaby was the fourth most expensive market with units averaging $2,374. Richmond rounds out the top 5 with homes averaging $2,223.

Photo via Liv.rent

For furnished apartments, Vancouver (+6.78%) saw the only notable price increase in February, while New Westminster (-12.26%), Coquitlam (-10.26%) and Burnaby (-5, 65%) also experienced significant price drops on average. “according to the report.

Photo via Liv.rent

Rent in Vancouver by neighborhood in February

Downtown Vancouver remains the most expensive neighborhood in the city, with unfurnished one-bedroom units costing an average of $2,796.

West Point Grey/UBC was the second most expensive neighborhood with units averaging $2,685 and Shaughnessy was third with apartments averaging $2,591.

The cheapest neighborhood to rent in Vancouver is Hastings-Sunrise with average rental costs just under $2,000 to $1,950.

Photo via Liv.rent

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