Summary:

• On Thursday, May 7, 2026, Rentals.ca released a report indicating that British Columbia remains the Canadian leader when it comes to average asking rent price falling
• Average rents for purpose-built apartment and condo rentals continued to fall across the most populous provinces, down 5.9% ($2,336) in B.C., 5.2% ($2,216) in Ontario, 3.4% in Alberta, and 1.9% in Quebec
• Average apartment rents fell across all six of Canada’s largest markets, with the largest overall decline in Vancouver (-5.3%, $2,679) and the smallest decline in Edmonton (-1.2%, $1,603).
• Among all six markets, Vancouver saw the largest decline in one-bedrooms (-7%, $2,358) and three-bedrooms (-7.7%, $3,876)
• Rents in Vancouver have fallen on a year-over-year basis for 29 consecutive months, with the average rent now 19.4% lower than its September 2023 peak
• Only B.C. and Ontario have seen rent declines over the past three years

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

“Renters – young people, students, families, and seniors – are feeling the results of our actions on housing and solid partnerships as asking rent prices fall, making life more affordable for people in British Columbia.

“We made key policy innovations earlier and in a more sustained way, resulting in more purpose‑built rental housing per capita than every other large province. Now our asking rents are going down and our vacancy rates are rising.

“Today, we no longer see weekly stories of people lined up around the block in Metro Vancouver for limited showings. We’re hearing stories of young professionals who are able to negotiate their rent down because similar units in their building are going for less. 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.

“From introducing rental only zoning and progressively aggressive tax incentives, to tackling the long approval times of site-by-site rezonings, we have laid the groundwork for local homebuilders to take advantage of federal financing to deliver a record number of rental homes in recent years.

“While British Columbia is leading the country when it comes to falling rent prices for apartments, we know we need to work harder to ensure we can continue to bring down the costs to deliver more homes for people across this province in order to see these trends continue.

“Last month, we opened 40 new, below-market affordable rental homes for workers in Prince George through BC Builds. Construction began only weeks after approval, fast-tracking the housing we know is needed in this community to support local workers, employers, and the economy in health care, education, port operations and logistics. We were laser-focused on moving quickly to build the homes that allow the people who keep the city running to stay in the community.

“In Surrey, we opened Bentley Place to provide 60 new supportive homes for people experiencing or at risk of homelessness. Supportive homes help bring people indoors, where they can have access to supports and get connected to services that will help them. These homes will go a long way to ensure more people in Surrey are getting the care and support they need when they fall on hard times. We know our communities are stronger and more connected when we take care of each other and we are committed to building homes that create full, complete communities.

“In partnership with the Tk̓emlúps te Secwépemc Nation, we delivered 58 new, affordable homes on reserve to help people stay rooted in their community, close to family, culture and supports. This partnership reflects a shared commitment to advancing affordable housing where it is needed, by providing safe, affordable places to live for Elders, people with disabilities and families.”

“We’re directly investing in communities throughout the province, and making sure that we are building all types of homes across the housing spectrum, so people can stay in their communities and thrive.

“As we continue our work in the legislature, my colleagues and I will persist in advocating to make sure everyone in B.C. has a home they can afford in a community they love.”

Learn More:

• The report is available here: https://rentals.ca/national-rent-report
• March 2026 housing highlights: https://news.gov.bc.ca/releases/2026HMA0042-000398