A new Rentals.ca report says average asking rents dropped 4.8 per cent nationally and 4.7 per cent in British Columbia in August, the 23rd straight month of year-over-year declines.
“In August 2026, we linked the 2027 annual allowable rent increase of 2.2 per cent to inflation to help renters, including seniors and families, meet their housing expenses, while also ensuring landlords can continue providing stable, well-maintained homes for renters for years to come,” said Christine Boyle, Minister of Housing and Municipal Affairs, in a statement.
“This is the seventh consecutive year where the maximum allowable increase has been capped at or below inflation.
“We will continue to work to create more housing solutions so that everyone can build a good life in British Columbia in the communities they love.”
Across Canada, average rents were nearly unchanged in August, slipping 0.1 per cent from July to $2,035.
The slight drop came after four months of increases. Average rents were down 4.8 per cent from a year earlier, marking the 23rd consecutive annual decline and the steepest decrease since March 2026.
North Vancouver posted the highest average asking rent at $3,036, followed by Vancouver at $2,729, Oakville at $2,695, Toronto at $2,571 and Kanata at $2,524.
Rents have fallen seven per cent over the past two years, reaching their lowest August level since 2022.
In B.C., the average rent was $2,387 year over year, with one-bedroom units averaging $2,048 and two-bedroom units averaging $2,634.
Shared accommodations in B.C., Alberta, Ontario and Quebec averaged $909 in August, down 4.5 per cent year over year and 10.1 per cent from two years ago.
Average asking rent by Province and type in August 2026. (Image Credit: Rentals.ca)
Nationally, apartment and condominium asking rents averaged $2,040 in August, down 0.2 per cent from July. B.C. saw the same monthly decline.
B.C. recorded the largest annual apartment and condo rent decline at 4.6 per cent, ahead of Alberta at 4.3 per cent, Ontario at 3.5 per cent and Quebec at 1.5 per cent.
Read the full August report from Rentals.ca here.
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