Average asking rents decreased by 4.5 per cent overall in British Columbia

A new report from Rentals.ca shows that the average asking rents decreased by 4.5 per cent overall and 4.1 per cent for purpose-built rentals and apartments in British Columbia.

There were five cities from B.C. in the top 15 cities with the largest year-over-year decreases in purpose built rental rent.

Those cities were Abbotsford (-12.4 per cent), Langley (-7.6 per cent), Coquitlam (-7.3 per cent), New Westminster (-6.6 per cent) and Richmond (-6.1 per cent).

Vancouver purpose-built rental rents also decreased by 20 per cent relative to their peak in August 2023.

“This report marks 25 months of consecutive year-over-year decreases in asking rent prices,” said Christine Boyle, Minister of Housing and Municipal Affairs.

“That means we’ve seen more than two years of falling asking rents as we continue our work to make life more affordable for renters.”

The average asking rent for all property types in Canada was $2,037 in July, down 4 per cent year-over-year, the 22nd consecutive month of annual decline but the smallest annual decline since February 2026.

On a monthly basis, rents rose 0.2 per cent from June, marking a fourth consecutive monthly increase as the market reaches its seasonal peak, and a further signal that rents may be stabilizing.

Average rent per square foot across Canada’s six largest markets held at $2.54, the same as July 2025 and down 3.6 per cent from July 2024. The average unit size fell to 831 square feet, down 3 per cent year-over-year.

“We know that prices need to be more affordable, and seeing asking rents are down 11.9 per cent from their August 2023 peak is encouraging news,” adds Boyle.

“It takes more than just luck or national trends to hit a two-year-long streak. It is proof that our policies, such as the speculation and vacancy tax and working with communities to build more affordable rental housing, are helping everyday people get ahead.”

Throughout the country, only B.C. and Ontario had seen overall rent declines over the past three years.

To read the full report from Rentals.ca, click here.