Summary:

• On Monday, Feb. 9, 2026, Rentals.ca released a report indicating that apartment rental asking prices in British Columbia continue to lead the country in declines, down 4.7% in January compared with January 2025
• In January 2026, apartment asking rents in B.C. are down 12.3% from their peak, seen in September 2023
• In Vancouver, one-bedroom apartment rental asking prices have fallen by 6.3% compared to this time last year; in New Westminster that number fell by 15.2%
• In Kelowna, two-bedroom asking rental prices fell 10.8% from this time last year; one-bedroom prices in Coquitlam were down 10.3%

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

“This rent report is more good news for renters, and falling rent prices are one of the ways we’re making life more affordable in British Columbia. Seeing asking rent prices fall doesn’t happen overnight; it is deeply connected to the major investments and policies we have been putting in place since 2017, to increase the number of rental homes available for people.

“While we build new rental homes, we also know it is essential to protect the most affordable rental homes we already have. Recently, we have celebrated a milestone as B.C.’s Rental Protection Fund surpassed its original goal of protecting 2,000 rental homes in less than three years. Our $500-million investment in this fund enables non-profits to purchase existing affordable rental homes in B.C., preserving them for generations.

“Just this month, the fund acquired 40 more homes across two properties in Vancouver and 37 homes across three properties in White Rock, so that we can ensure seniors, low-income families and long-time community members can stay in the community they love, at a price they can afford.

“This month, I also attended the opening of the two largest buildings in the history of the Women's Transition Housing Fund. These new buildings provide more than 150 new homes for women and their children leaving violence in Vancouver and Langley.

“Investing in housing is also good for the economy. Statistics Canada’s Labour Force Survey for January shows that B.C. gained 13,000 jobs in construction since this time last year, despite ongoing global economic threats and uncertainty. Cutting the red tape that is holding up constructing new infrastructure and housing is an important part of why these asking rents keep falling.

“We also know that investment alone isn’t a silver bullet for making life more affordable. Our short-term rental regulation balances tourism and homes for people who live in a province that is a worldwide destination for business, science, sports and fun.

“Our regulations have returned thousands of homes back into the long-term rental market for people and families to live in. At the same time, Vancouver International Airport (YVR) recently reported record passenger trips in 2025. The airport handled nearly 27 million travellers, an increase of 2.7% over 2024, which shows how B.C.’s tourism sector keeps growing as the world comes to visit.

“As I have said, our work can’t, and won’t, stop here. We will continue to build on this momentum, so more people can find homes within the communities they know and love.”

Quick Facts:

• Apartment rents in Vancouver fell 9.2% year over year, the biggest decrease among Canada’s six largest markets and their lowest level since February 2022.
• Outside the largest markets, five B.C. cities were among the 15 cities showing the largest decreases in apartment asking rents.

Learn More:

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