February 2026 Metro Vancouver Rent Report

At a glance

• Core Vancouver rents remain below last year’s peak levels
  • Unfurnished one-bedroom rents continue to trend lower across central areas. Downtown declined from $2,706/month in Feb 2025 to $2,457/month in Feb 2026 (−9%), while the West End fell from $2,562 to $2,337 (−9%). Unfurnished two-bedroom rents also softened showing core pricing falls below 2025 levels.
    
• Burnaby hubs show continued softness in family-sized units
  • Larger units remain weaker in Brentwood and Metrotown. Brentwood’s unfurnished three-bedroom dropped from $3,377/month in Feb 2025 to $3,025/month in Feb 2026 (−10%), while Metrotown eased from $3,672 to $3,318 (−10%). Unfurnished two-bedroom rents in both areas also declined indicating ongoing cooling in high-density rental hubs.
    
• Surrey and Fraser Valley markets see the largest entry-level declines
  • More affordable suburban areas posted some of the sharpest drops in unfurnished one-bedroom rents. Surrey City Centre fell from $1,984/month to $1,701 (−14%), Abbotsford from $1,669 to $1,496 (−10%), and Guildford from $1,704 to $1,637 (−4%). These declines suggest affordability has improved most in outer markets.
    

liv.rent’s 2026 Canada Rental Market Trends Report is launching soon, highlighting the key shifts shaping rental markets nationwide.

On December 10th 2025, the Bank of Canada announced that the interest rate would stay at 2.25%, closing out the year on a low trend. Experts predict this rate will be maintained through most of 2026. Additionally, the 2026 rent increase limit is capped at 2.3%.

Let’s look now at the current rental costs and overarching trends in Vancouver for February 2026.

Average rent across Metro Vancouver

Metro Vancouver’s average rent prices have decreased in February. This month, the average rent price for an unfurnished, one-bedroom unit went down by $42, to a new average of $2,069/month. Since February 2025, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has decreased by $228.

Planning on raising rent this year? B.C.’s new annual allowable rent increase limit for 2026 is 2.3%. Find out when and how to increase rent and ensure you comply with provincial guidelines by reading our updated Guide to B.C. Rent Increases.

Month-to-month rent change

To better understand how rent prices have changed in Metro Vancouver cities, let’s look at the most significant changes for both furnished and unfurnished one-bedroom units this month.

Several cities saw notable changes in average rent prices this month. Looking at furnished one-bedroom units, New Westminster (-7.37%), Surrey (-2.48%), and West Vancouver (-1.74%) all saw decreases. Meanwhile, Langley (3.67%) and Richmond (2.14%) saw increases.

Looking now at unfurnished one-bedroom units, Langley (-4.88%), Richmond (-2.72%), and West Vancouver (-2.57%) saw decreases. No significant increases were seen for unfurnished one-bedroom units.

Rent per square foot

Where’s the cheapest place to rent in Metro Vancouver based on how much space you get? As of February 2026, the average rent per square foot dropped to $3.01/sq. ft.. The least expensive cities for square footage are Surrey ($2.41/sq. ft.), Langley ($2.66/sq. ft.), and Coquitlam ($2.82/sq. ft.). Meanwhile, the most expensive cities for square footage are Vancouver ($3.65/sq. ft.), West Vancouver ($3.34 sq. ft.), and North Vancouver ($3.22/sq. ft.).

Active listing data

We’ll also examine detailed statistics for currently active listings available on the market to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Metro Vancouver region, while for landlords, you can assess how much competition you’ll face based on the current supply.

Active listings by property type

As of February 2026, apartments were the most common rental property type, representing 73.62% of active listings on the market. Partial houses were the second-most rented unit type this month, at 13.73% of active listings currently available to rent, followed by houses at 8.27%.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a spread across active listings on the market this February. Two-bedroom units were the most common type of listing this month at 46.04%, though one-bedroom units held a very near share, representing 43.66% of all active listings on the market. Three-bedrooms rounded out at 10.30% of listings.

Average unfurnished vs. furnished rates

Average prices for both a furnished and unfurnished one-bedroom unit dropped in Metro Vancouver this month. Furnished one-bedrooms dipped (-0.28%) to $2,162/month, while unfurnished units went down (-2.00%) to $2,069. Currently, a furnished one-bedroom unit rents for more than an unfurnished one-bedroom unit by $93/month on average.

Looking for our full February 2026 Metro Vancouver Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown 

Metro Vancouver’s rental averages vary greatly across the region, so we’ve broken up our data by municipality/city to compare the cost of one-, two-, and three-bedroom rates for furnished and unfurnished units in different areas. Here are some highlights from our most recent findings:

• All unfurnished one-bedroom rental prices decreased across neighbourhoods.
• Meanwhile, all furnished one-bedroom units increased across neighbourhoods except New Westminster, Surrey, and West Vancouver.
• All unfurnished two-bedroom rental prices saw a decrease across neighbourhoods except North Vancouver, Vancouver, and West Vancouver.

Neighbourhood breakdown

We’ve broken down Vancouver into its neighbourhoods for a more complete look at the city’s rental markets. For a further breakdown of neighbourhoods in municipalities and cities outside of Vancouver, be sure to download our complete Rent Report.

Let’s take a look now at some of the latest averages from Vancouver’s many unique neighbourhoods. The West End is the city’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $2,696/month, while Killarney is the cheapest at $1,788/month.

We’ve added more new neighbourhoods to our monthly reports that aren’t shown in the data below. To see data on these additional neighbourhoods, statistics for furnished rentals, and neighbourhood breakdowns for other cities in Metro Vancouver, be sure to download your copy of our full report here.

Most expensive cities in Canada

This February, three of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver. Two Ontario cities round out the list, with Markham in fourth and Burlington just below it.

Other rental data

These insights are exclusive to our blog and are intended to give more context to each month’s rental data. Based on data sourced directly from liv.rent, these statistics provide a more comprehensive overview of the current rental situation in Canada.

Renter demographics

On liv.rent, our renter demographics are fairly balanced across all different age groups. Most of our users are now evenly spread between those aged 25-34, and those aged between 35-44. There are also a notable number of users under 25 years old.

Pet-friendly rentals

We’re proud to say that liv.rent continues to be the rental platform with the most pet-friendly rentals. This February, other rental platforms had just 22.00% of units available that were pet-friendly, while on liv.rent, 53.00% of all listed units were pet-friendly.

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Downloadable resources

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Rental resources for B.C. renters

You can read these comprehensive guides for more information on renting in B.C. and using liv.rent to streamline your rental process.

• BC Residential Tenancy Agreement Explained
• Guide to BC Tenancy Forms
• The Complete User Guide To liv.rent For Landlords & Property Managers
• The Ultimate Renter’s Guide To Using liv.rent

Data collection methodology

Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites – looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.

When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.

Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.

As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.

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Vancouver Rent Report
Ontario Rent Report
Montreal Rent Report
Calgary and Edmonton Rent Report