Summary:

• On Monday, June 8, 2026, Rentals.ca released a report indicating that British Columbia remains a leader when it comes to declining average asking rent prices
• Average rents for purpose-built apartment and condo rentals were down 5.7% in B.C. over the past year, beating the Canadian average by a full 1%
• Historic investments in scaling up affordable housing mean B.C. no longer has the most expensive average asking rents in Canada
• Rents in Vancouver have fallen on a year-over-year basis for 30 consecutive months, with the average rent down a fifth from the September 2023 peak
• Only B.C. and Ontario have seen rent declines over the past three years
• The report is available here: https://rentals.ca/national-rent-report
• May 2026 housing highlights: https://news.gov.bc.ca/releases/2026HMA0052-000510

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

“Rents are falling in B.C., but the dream of affording rent or owning a home in a community you love still remains out of reach for many British Columbians.

“We continue to see the effects of our efforts to build a historic amount of affordable housing. Since 2017, through provincial investment and key policy decisions, more new rental and affordable homes are opening in communities throughout B.C. than ever before.

“This month, we saw our affordability streak continue as prices remain headed in the right direction for renters. B.C. had six cities among the 15 largest asking rent decreases over the prior year in the country: Burnaby (-10.5%), Abbotsford (-10%), Richmond (-9.7%), New Westminster (-9.7%), Coquitlam (-9.0%) and North Vancouver (-8.8%).

“We’ve said it before, and each month shows that what we’re doing is working and we need to keep going so renters can get the full benefits of more reasonable housing costs and more housing choices.

“We know we need to work harder to ensure we can continue to bring down the cost to deliver more homes for people throughout this province in order to see these trends continue. In the past month, we have broken ground and opened new affordable housing throughout the province.

“More people and families will have access to a total of 478 affordable, family-oriented rental homes with the opening of Caledonia in Victoria, and with construction starting on two other developments in the region. The opening of Caledonia in Victoria adds 158 new affordable homes. Construction is underway on two additional developments in Saanich and Central Saanich that will deliver another 320 homes.

“Other investments are also supporting the housing needs of Indigenous peoples in B.C. First Nations, Inuit and Métis people in need of culturally safe supportive housing will have access to 34 new homes as construction is underway on the Wellness House in Victoria. In Prince Rupert, Indigenous individuals, families and Elders now have access to 70 affordable homes with the opening of a new rental housing building at 830 11th Ave. E.

“Construction began on the first on-campus student housing at Camosun College’s Lansdowne campus. The six-storey building will offer students more options for affordable housing while helping ease pressure on the local housing market. It will include a mix of single-bedroom dorms, as well as studio and four-bedroom apartment-style units that provide a total of 429 student beds; temporary accommodation space for students in crisis, ensuring people have a safe space to stay in times of need; amenities including a coffee shop, a meeting space and secured bicycle parking spaces; and communal laundry rooms, lounges and quiet study rooms on every floor.

“Your government is building the housing people in this province need, with more than 99,000 homes built or underway – and we will continue to continue our strong partnerships to build until British Columbians are able to afford to rent, to own and stay in the communities they work in, where their families are and where they call home.”