B.C. government highlights rental price declines as new data shows two years of cooling market

A new national rental report indicates that British Columbia continues to see some of the sharpest declines in asking rents in the country, marking two consecutive years of easing prices. Data published Monday by Rentals.ca shows average rents for purpose-built and condominium units in the province have fallen 8.5 percent over the past two years, with Vancouver driving much of the downward trend.

According to the report, asking rents for purpose-built and condo units in Vancouver are down 15.1 percent from the same period in 2023 and 14.5 percent compared to 2022. November 2025 marked the 24th straight month of year-over-year declines. Several other Metro Vancouver communities are also seeing reductions. New Westminster recorded a 16.2 percent annual decrease, while one-bedroom units in Surrey are listed nearly 10 percent lower than last year.

In response to the data, Housing and Municipal Affairs Minister Christine Boyle said the province views the figures as evidence that recent housing policy changes are beginning to reshape the rental market. She noted the government has expanded purpose-built rental construction, increased enforcement against speculation and worked with municipalities to approve new housing forms.

Boyle added that vacancy rates are rising and the number of registered purpose-built rentals is up more than 55 percent from a year ago. The province recently advanced new rules affecting small-scale multi-unit housing and strengthened short-term rental restrictions, which the minister said are helping shift more units back into the long-term market.

The minister said the province still faces significant challenges in meeting demand but expects affordability to improve as new homes are completed across B.C. She emphasized that further progress is needed to avoid a return to the conditions that pushed housing costs beyond reach for many residents.