Metro Vancouver still most expensive place to rent a home despite downward pressure

Renting a home in Metro Vancouver continues to be expensive — the most expensive in the country.

But things seem to be changing, and it couldn’t come any faster if you’re a tenant in the region.

West Vancouver, North Vancouver, Vancouver proper, Burnaby, and Richmond top the list when you look at one-bedroom places according to Liv.Rent.

“North Vancouver was the fastest-developing city in the Lower Mainland in 2024, with a 1,985% surge in housing starts and a 68% increase in housing completions. A surge in apartments is expected to be a key part of North Vancouver’s expanding housing supply,” the report said.

But the experts cite a number of factors at play that are preventing rental rates from increasing at the same rate we’ve seen for many years now.

(Courtesy Liv.rent report)

From a lack of demand as B.C. is seeing fewer people move here, to more new building starts, the cost of renting is essentially flat this year compared to last.

“Vancouver began experiencing downward pressure on rent prices in June 2024, coinciding with a -5% drop in immigrants arriving in B.C. during Q2 compared to Q1.14 Year-over-year, rent prices fell across all unit types, with furnished three-bedroom units seeing the steepest decline at -18.4%,” the report stated.

“In 2023, 15% of Canada’s immigrants settled in B.C., making it the second most popular province after Ontario. However, in 2024, that share fell to 13%, with Alberta taking second place.”

In December 2023, the average one-bedroom home was rented for $2,659. In December 2024, that dropped to $2,490.

The difference in perspective between landlords and tenants remains far apart, Liv.rent found.

Two-thirds of property owners say they’re not making a profit and not even covering their costs. Meanwhile, tenants believe their rent is too high and not reflective of what’s happening in the market.

Liv.rent also found 42 per cent of renters believe rental caps aren’t strict enough, with prices rising too fast, while 40 per cent of landlords argue that they are too restrictive.