On Monday, Dec. 8, 2025, Rentals.ca released a report indicating that rental asking prices in British Columbia for purpose-built and condo units continue to lead the country in declines, down 8.5% in the past two years. 

In Vancouver, rents for condos and purpose-built rentals fell by 15.1% from this time of the year in 2023, and 14.5% over this point of time compared to 2022. November 2025 marked the 24th consecutive month of annual rent declines.

In other communities, such as New Westminster, overall rents in the community are down 16.2% from this time last year. In Surrey, asking prices for one-bedroom rentals are down 9.3% from last year.

The report is available here: https://rentals.ca/national-rent-report

Christine Boyle, Minister of Housing and Municipal Affairs, has issued the following statement:  

“Making housing more affordable for British Columbians has been a top priority for our government.

“We’ve taken bold steps to increase rental supply, strengthen protections for tenants and crack down on speculation in the housing market. We are also working closely with local governments to make sure people can live in the communities they love. These results show our efforts are paying off.

“Vacancy rates are rising, asking rents are consistently dropping and data from last month shows that B.C. has increased 55.1% in registered purpose-built rental homes, compared to the same period last year. 

“We are continuing to build on this momentum. This past month we have passed a suite of changes supporting the implementation of small-scale, multi-unit housing and improving the effectiveness of the Province’s short-term rental restrictions. We also want to thank local governments that have stepped up and shown leadership in creating more affordable homes.

“These efforts fight speculation and return short-term rentals to the long-term rental market. These efforts build on our work to increase protections for renters, preserve the existing affordable rental supply and support the building of more homes for middle-income families through BC Builds.

“We need to keep going on the progress we have made so we are not repeating the mistakes that drove housing costs beyond the reach of every-day people in British Columbia.

“There is still much more ground to cover, and I look forward to seeing even more affordable homes take shape throughout B.C., as we continue to innovate and deliver the housing solutions that people need.”