While Metro Vancouver's rental prices dropped this month over last, there aren't many affordable options in the region.
In a recent survey, expats ranked B.C.'s largest city as the worst in the world for personal finance, with many people lamenting the high cost of housing.
But it isn't only newcomers who find Lower Mainland home rental costs exorbitant.
Despite prices falling across the region, the City of Vancouver actually saw its average price for an unfurnished, one-bedroom unit rise this month-over-last. Now, renters can expect to fork out an average of $2,612 to rent in the city, up from $2,594 in November, according to Liv.rent's recent rent report.
In fact, Canada's four priciest cities to rent in are all located in the Lower Mainland this month. Following Vancouver, North Vancouver was the county's second-priciest city, with prices averaging $2,587. Burnaby ranked third overall, with prices averaging $2,406. Richmond rounded out the top four, with prices averaging $2,332.
The cheapest Metro Vancouver neighbourhoods for rental housing in December 2022
This December, folks looking to rent in the City of Vancouver will find the best bang for their buck in the Collingwood neighbourhood, with new listings for unfurnished, one-bedroom units averaging $2,000.
This option is $72 lower than November's most affordable option, which was $2,072 in the Point Grey neighbourhood. However, there are still no options in the city for under $2,000.
Locals looking for lighter impacts on their wallets will want to venture outside of the city. Renters willing to travel outside of Vancouver can peruse cheaper options in Surrey's Guilford neighbourhood, where unfurnished one-bedroom apartments averaged $1,519 this month.
While average prices have dropped across the region, the lowest prices for renters have increased, as Abbotsford units averaged $1,471 or just under $50 less than this month's cheapest offering. This month, Abbotsford prices have climbed to an average of $1,536.
There are other affordable options in the region, particularly in Surrey. In Newton, for example, prices for unfurnished, one-bedroom units averaged $1,671, while prices in White Rock averaged $1,706.
There are a couple of neighbourhoods in other cities that have prices averaging under $2,000 this month. In Willowbrook, Langley, prices averaged $1,882 this month, while its Willoughby neighbourhood averaged $1,929.
Richmond's Brighouse/City Centre area also averaged under the $2,000 mark, with rents averaging $1,926 this month.
