Areas of Metro Vancouver that are seeing the biggest rent declines
Rent prices in Vancouver are continuing to fall, according to new data from liv.rent.
In its February rental report, liv.rent found that rents in two popular neighbourhoods, downtown and the West End, fell by nine per cent year-over-year.
As a rental platform, the company creates their monthly reports using data from listings on its website, as well as from other popular listing sites. It includes only current asking prices.
In Downtown Vancouver, an unfurnished one-bedroom averaged at $2,706 a month in February 2025. This February, it’s at $2,457 a month. In the West End, prices dropped from $2,562 to $2,337 in the same time frame.
Even so, the West End is still Vancouver’s most expensive neighbourhood, followed by Downtown and West Point Grey/UBC.
liv.rent
Meanwhile, the cheapest neighbourhoods in the city are Killarney, Sunset-Victoria Fraserview, and Marpole.
Other drops included family-sized falling by 10 per cent in Burnaby.
In Brentwood, they went from $3,377 a month in February 2025 to $3,025 a month in February 2026. This indicates “ongoing cooling in high-density rental hubs,” according to liv.rent’s report.
Some of the biggest rental declines in Metro Vancouver were unfurnished one-bedroom rents in suburban areas. In Surrey City Centre, these units fell by 14 per cent, from $1,984 a month to $1,701 a month. Abbotsford fell by 10 percent from from $1,669 to $1,496, and Guildford by four per cent, from $1,704 to $1,637.
“These declines suggest affordability has improved most in outer markets,” reads the report.
A recent report from Rentals.ca shows a similar trend, with rent in Vancouver dropping by 9.2 per cent over the past year and 16.5 per cent over the past three years.
“At an average of $2,630, Vancouver apartment rents were at their lowest since February 2022, declining on an annual basis for 26 straight months,” the Rentals.ca report said.
Month-to-month rent changes
A number of Metro Vancouver cities saw declines month-over-month, from January 2026 to February 2026.
A furnished one-bedroom unit in New Westminster dropped by 7.37 per cent, in Surrey by 2.48 per cent, and in West Vancouver by 1.74 per cent.
But two cities saw increases: Langley at 3.67 per cent and Richmond at 2.14 per cent.
Despite the reduction in rent prices, three Metro Vancouver cities are still Canada’s most expensive: West Vancouver, North Vancouver, and Vancouver.
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