Summary

• On Wednesday, Sept. 9, 2026, Rentals.ca released a report indicating that national average asking rents declined 4.8% year over year 
• In British Columbia, average asking rents decreased over the past year by 4.7% overall and 4.6% for purpose-built rentals and apartments
• B.C. had four cities in the top 15 cities with the largest year-over-year decreases in rent for purpose-built rentals: Abbotsford (-10.5%), Coquitlam (-6.8%), Richmond (-6.2%), and Kelowna (-5.2%)
• Vancouver rent for purpose-built rentals decreased by 19% relative to their peak in July 2023
• Across Canada, only B.C. and Ontario have seen significant 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:

“Year-over-year declines in asking rent prices is encouraging news. This assures us that we are on the right track in our efforts to create more affordable options for renters.

“This takes a lot of effort and collaboration with communities and housing partners to create and build on opportunities that can lead to more affordable housing for British Columbians. Our policies, such as the speculation and vacancy tax, are working.

“In August 2026, we linked the 2027 annual allowable rent increase of 2.2% to inflation to help renters, including seniors and families, meet their housing expenses, while also ensuring landlords can continue providing stable, well-maintained homes for renters for years to come.

“This is the seventh consecutive year where the maximum allowable increase has been capped at or below inflation. Before our government made this policy change in 2019, renters faced an additional 2% rent increase in addition to inflation, costing the average B.C. family hundreds of dollars in additional rent. If the change had not taken place, allowable rent increases would have reached 5.4% in 2023 and 5.6% in 2024.

“Over the past month, we opened rental homes for the Lake Babine Nation and are working to build rental homes in the Downtown Eastside and purpose-built homes in Kamloops and Nanaimo.

“We will continue to work to create more housing solutions so that everyone can build a good life in British Columbia in the communities they love.

Quick Facts:

• Twenty new, on-reserve rental homes opened in the villages of Tachet and Wit’At for Lake Babine Nation elders, families and seniors.
• An 11-storey building with nearly 120 rental homes made up of a variety of unit sizes, from studios to three-bedroom homes for families and multi-generational living, will be built in the Downtown Eastside in Vancouver.
• Construction will be underway in October 2026 on 20 complex care housing units at 1102 Glenfair Dr. in Kamloops.
• Fifty units of new purpose-built housing is coming to 250 Bryden St. in Nanaimo and will operate as recovery-oriented housing.

Learn More:

• To learn about August 2026 rent report highlights, visit: https://news.gov.bc.ca/releases/2026HMA0083-000921