Summary

• On Monday, March 9, 2026, Rentals.ca released a report indicating average rents for all unit types continued to fall across the most populous provinces, with B.C. leading the country being down 4.9% throughout the province, while declines are 4.7% in Ontario, 4.6% in Alberta, and 3.1% in Quebec. In February 2026, purpose-built apartment and condo asking rents in B.C. were down 11.8% from their peak, seen in September 2023
• In Vancouver, one-bedroom apartment rental asking prices have fallen by 5.7% compared to this time last year. Overall apartment rents in Vancouver fell 7.2% year over year, the biggest decrease among Canada’s six largest markets. The largest overall decrease in apartment rents was seen in New Westminster at 12.8%
• In Kelowna, two-bedroom asking rental prices fell 11% from this time last year and one-bedroom prices in Coquitlam were down 12.7%. Outside the largest markets, six B.C. cities were among the 15 cities showing the largest decreases in apartment asking rents
• The report is available here: https://rentals.ca/national-rent-report

__________

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

“This latest rent report continues to show encouraging signs for renters, with declining prices helping ease everyday costs for people in British Columbia. This reflects years of work, policies and partnerships across all levels of government.

“Our work is making a difference – cutting red tape, speeding up approvals, cracking down on speculators and connecting with important partners to get more affordable homes built faster. This work is key to why B.C. is leading the way in rental declines and how we achieved record-level completions of purpose-built rentals in 2025, with 21,000 completed for a 56% increase over 2024.

“In that same year, B.C. also recorded about 25,900 home registrations – a 39.6% increase from 2024 – showing strong interest from developers in continuing to build. Our focus now is helping turn those registrations into shovels in the ground by reducing the cost to deliver homes.

“That means fixing the barriers that are slowing down new housing and infrastructure, including by making construction more efficient in B.C. That’s why we developed a new online platform through the Digitally Accelerated Standardized Housing (DASH) program to help developers design and build three-to-six-storey buildings quicker.

“In February, to test DASH tools with industry partners, we opened two requests for proposals through BC Housing – 90 homes in total – beginning the work to transform how housing is delivered in B.C. By using DASH to help reduce additional time and costs that drive up home prices, more people in British Columbia will be able to find a home that meets their needs and budgets.

“This past month, the Province also entered a partnership with the federal government through Build Canada Homes to secure $170 million in capital funding for B.C. This funding, along with an additional $200-million funding commitment from the Province, is expected to help advance more than 700 supportive and transitional homes for the people who need it most.

“Through this partnership, the federal investment also unlocks $170 million in the Province’s budget to explore a future funding partnership to advance at least 400 more homes using innovative tools and modern construction methods.

“While we build new rental homes, we also know it is essential to make sure that the homes we are building fit peoples’ needs. Recently, we can see an example of this in 116 below-market rental homes near transit now underway in Burnaby.

“These homes, built in partnership with a not-for-profit organization, developer, the City of Burnaby and the federal government, show how when we come together, we can build the kinds of affordable housing people need. Near-transit homes, such as these, help reduce transportation costs, saving people thousands of dollars each year and helping ease pressures on daily expenses.

“We need to keep this work going so people are not pushed out of their communities by rising housing prices and rents.

“While I’m encouraged by the progress so far, there is still a lot of work ahead to help people in British Columbia find a home they can afford. We will not stop until people throughout B.C. can find homes that meet their needs, in the communities they love.”