Unsurprisingly, Vancouver remains one of the most expensive places to live in the country. In fact, the city had the highest asking rent in Canada in April 2022 at a whopping $2,748 per month. The good news is that there are neighbourhoods in Vancouver offering rent for way less – so don’t stress out just yet! Before we dive into the areas with the cheapest rent, let’s take a look at the numbers.
Vancouver rent
According to Rentals.ca, Vancouver saw the largest annual increase in average rent, increasing year over year by 25%. Toronto and Etobicoke follow at 15%, and Calgary with a 13% annual increase. In terms of month-over-month increases, Vancouver also takes the cake with a 3.3% increase between March and April 2022.
The table below breaks down the average rent for all housing types by neighbourhood in Vancouver.
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Photo via Bullpen Research & Consulting
Here are some of the cheapest neighbourhoods for rentals in Vancouver right now:
- Strathcona – $1,202
- Grandview-Woodland – $1,998
- Kensington-Cedar Cottage – $2,125
- Renfrew Collingwood – $2,227
- Killarney – $2,314
- Marpole – $2,368
Canada-wide rent
Now, as bleak as this all seems – we have to admit that it’s comforting to know that other Canadian cities are in the same boat. As it stands, only two municipalities experienced month-over-month declines in average rent: Halifax at 2.7% and Ottawa at 0.4%. Everyone else is stuck paddling the same board.
“In terms of month-over-month changes, British Columbia, Saskatchewan, and Alberta are the provinces that experienced the largest monthly increases in average rental rate, as the west is seeing stronger rental demand than the east.”
Canada-wide, the average monthly rental rate increased 9% annually to $1,821 per month for all property types, with condo apartments and single-family homes leading the way with annual increases of 13% and 11% respectively. So, if you’re feeling down about the situation in Vancouver – just know you’re not alone.
Happy apartment hunting, Vancouver! If you need some ideas to get your started, you can check out these rentals for under $2,000 in and around the city.
