Summary

• On Thursday, Aug. 6, 2026, Rentals.ca released a new report, which shows average asking rents decreased by 4.5% overall and 4.1% for purpose-built rentals and apartments in British Columbia
• B.C. had five cities in the top 15 cities with the largest year-over-year decreases in purpose-built rental rent: Abbotsford (-12.4%), Langley (-7.6%), Coquitlam (-7.3%), New Westminster (-6.6%) and Richmond (-6.1%)
• Vancouver purpose-built rental rents have decreased by 20% relative to their peak in August 2023
• Across Canada, only B.C. and Ontario have seen overall rent declines over the past three years
• The report is available here: https://rentals.ca/national-rent-report

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

“This report marks 25 months of consecutive year-over-year decreases in asking rent prices. That means we’ve seen more than two years of falling asking rents as we continue our work to make life more affordable for renters.

“We know that prices need to be more affordable, and seeing asking rents are down 11.9% from their August 2023 peak is encouraging news. It takes more than just luck or national trends to hit a two-year-long streak. It is proof that our policies, such as the speculation and vacancy tax and working with communities to build more affordable rental housing, are helping everyday people get ahead.

“Last month, Premier David Eby secured a multi-billion-dollar agreement with Prime Minister Mark Carney that sets British Columbia on a generational path to prosperity, unlocking jobs for workers and support for vital public services and infrastructure.

“As industries and investors ‘Look West’ to B.C. more than ever, families and young people want to ‘live West’ in a home they own. Many people have a good career and can afford a mortgage, but unjust tariffs and the rising cost of living can put saving for a downpayment out of reach. That’s why the Province is working with the federal government to help British Columbians put down roots and rent to own a home.

“Our continued streak lowering rent prices is proof that good policy can make a real impact. We are taking the time needed to make our made-in-B.C. solution for homeownership as successful as our rental efforts. We look forward to sharing the details of our plan in the coming months.

“As we build a path to homeownership for thousands of people, we haven’t stopped building more affordable rental homes in communities throughout the province. In the past month, we’ve opened new homes in the Sunshine Coast, Coquitlam, Penticton and Chilliwack.

“Making housing more affordable is just one part of our promise to make sure everyone is welcome and can build a good life in British Columbia.”

Quick Facts:

• A total of 183 homes, representing a mix of housing options, are open or underway on the Sunshine Coast, supported by the Community Housing Fund.
• Seventy-one new affordable rental homes are open in Coquitlam, near Lougheed Town Centre.
• Twenty-eight new affordable rental homes are opening at 603 Main St., Penticton, delivered through the Community Housing Fund.
• Sixty-four new affordable homes are open at 9200 Main St. in Chilliwack, made possible through the Community Housing Fund.

Learn More:

• For more information about July 2026 rental report highlights, view: https://news.gov.bc.ca/releases/2026HMA0073-000805