If you’re on the hunt for new housing in Vancouver, finding somewhere affordable can be a challenge, to say the least. So if you’re expanding your search to other areas in BC – liv.rent has put together a report revealing the cheapest and most expensive cities to rent in the province right now.

According to liv.rent, the average rent for an unfurnished one-bedroom unit in BC in 2023 was $2,320 per month.

In terms of the most expensive cities in Metro Vancouver last year, West Van tops the list at $2,748 per month for an unfurnished one-bedroom, followed by Vancouver ($2,648) and North Vancouver ($2,584).

Metro Vancouver’s population growth in 2023

The 2023 rent report reveals that rent prices increased largely due to the rate of housing projection completions (supply) not matching the rise in population growth (demand) – which, was mainly driven by immigration.

Despite record amounts of Canadians moving out of BC to other provinces, new immigration was largely responsible for B.C.’s 3% population growth from July 2022 to July 2023 – the highest growth since 1974, according to liv.rent.

According to the report, Richmond had the highest population growth in 2023, followed by Burnaby and Coquitlam.

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vancouver rent january 2024 cheapest places to rent
Photo via liv.rent

As for the cities in Metro Vancouver with the cheapest rent, Langley tops the list at $1,924 per month, followed by Surrey and Coquitlam at $1,970 and $2,142 per month respectively.

Meanwhile, if you’re looking to move to a city in the area with increasing housing supply, here are the fastest-growing cities in Metro Vancouver:

  1. Coquitlam (126% increase in completed housing projects)
  2. Burnaby (110% increase in completed housing projects)
  3. North Vancouver (32% increase in completed housing projects)
  4. New Westminster (10% increase in completed housing projects)

On the other hand, Vancouver saw a 6% decline in housing completions in 2023.

So there you have it, house hunters. Best of luck out there!