Vancouver housing: Monthly rental costs in December 2023

Rent prices in Metro Vancouver have fallen for the third consecutive month but remain the highest in Canada. The average price for a one-bedroom unfurnished apartment is $2,341, down from $2,362 last month. Vancouver has the highest rental prices in the country, with an average of $2,659 for a one-bedroom unit. All of Canada's top five most expensive cities to rent in are located in Metro Vancouver. Demand has dropped significantly since the summer, contributing to the decrease in rent costs. The Bank of Canada's decision to maintain the target overnight rate may have also played a role.