The latest numbers are in. Here is what is happening across Metro Vancouver.

Average Rent Prices Are Down Compared to December Last Year
The average rent price in Metro Vancouver has declined year over year. In December 2024, the average price for an unfurnished one bedroom was $2,297. Currently, the average price for an unfurnished one bedroom is $2,120, representing nearly an eight percent decline from the previous year.

Burnaby Saw the Largest Declines in December
In Brentwood, one bedroom rents dropped from $2,445 per month to $2,183 per month, an eleven percent decrease. Two bedroom rents declined from $3,140 per month to $2,830 per month.

Metrotown followed a similar trend, with one bedroom rents decreasing from $2,387 per month to $2,218 per month, a seven percent drop. Two bedroom rents in the area also declined.

Vancouver Neighbourhood Pricing Remains Highly Segmented
The three most expensive Vancouver neighbourhoods are West End, Downtown, and West Point Grey and UBC. The most affordable neighbourhoods include Marpole, Sunset Victoria and Fraserway, and Killarney.

Vancouver
One Bedroom: $2,308
Two Bedroom: $2,978
Three Bedroom: $3,747

North Vancouver
One Bedroom: $2,365
Two Bedroom: $3,181
Three Bedroom: $4,052

West Vancouver
One Bedroom: $2,531
Two Bedroom: $3,322
Three Bedroom: $5,085

Burnaby
One Bedroom: $2,165
Two Bedroom: $2,796
Three Bedroom: $3,080

Coquitlam
One Bedroom: $1,916
Two Bedroom: $2,512
Three Bedroom: $3,192

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