Rent in Canada’s most expensive city continues to rise, but some pockets of Metro Vancouver are much more affordable than others.
According to a December rent report from liv.rent, for an unfurnished one-bedroom apartment, the price difference between the average rent in different neighbourhoods is as high as $1,011.
“During Q2 and Q3 2021, the rental market in Vancouver was unusually busy in terms of renters’ activities – more demand, lower inventory and higher prices as compared to 2020,” said liv.rent’s Paula Azevedo.
“Now that we’re three months in since students have returned, the Vancouver rental market has been cooling down and is seeing an expected decrease when it comes to both inventory and demand as we get closer to the holiday season.”
According to liv.rent, rental prices in Metro Vancouver are up just slightly from last month. Prices have been slowly increasing over the last four months.
Here’s what the average cost of rent in Metro Vancouver by neighbourhood looks like in December 2021:
The most affordable place on their list is Newton, in Surrey, where an unfurnished one-bedroom can be snapped up for just $1,169 on average. Abbotsford is also an affordable option for renters.
On the other hand, the most expensive neighbourhoods are in Downtown Vancouver and on the North Shore. South Surrey is also expensive given how far away it is from the city centre.
In Vancouver proper, South Cambie is looking a lot more affordable than East Vancouver these days.
Victoria is right behind Vancouver as the most expensive city in Canada to rent in. In third place is Toronto.