Renters across British Columbia are experiencing meaningful cost‑of‑living improvements as the province records the largest year‑over‑year decline in asking rents in Canada. At the same time, construction of new rental housing is accelerating at unprecedented levels, marking a significant shift in a market long defined by scarcity and rising prices.
According to new data from the province, the average asking rent in B.C. has fallen 12.5 per cent between August 2023 and April 2026 — from $2,671 to $2,338. This represents a $333 monthly reduction, saving renters nearly $4,000 per year.
“In the face of a national out‑of‑control housing crisis, here in B.C. we are taking on wealthy speculators, protecting renters from eviction and turning vacant units back into homes for people,” commented Premier David Eby. “Our plan is leading the country in results. Rent prices are down, rental home construction is up, and we’re building faster by removing roadblocks to construction. There’s more to do. Keeping this momentum and delivering even more is our priority.”
Provincial analysis suggests that without certain government interventions, asking rents in B.C. today would be hundreds of dollars higher, leaving renters with fewer options and less negotiating power.
BC Builds pushes construction
A major contributor to the improved rental landscape is the rapid expansion of purpose‑built rental housing. In Burnaby, BC Builds has just broken ground on nearly 820 new rental homes, adding to a pipeline of projects designed to increase supply quickly and affordably. Meanwhile across the province, purpose‑built rental registrations reached more than 26,000 in 2025, compared to an average of just 2,500 per year from 2007 to 2016. Metro Vancouver’s vacancy rate has risen from 0.9 per cent in 2023 to 3.7 per cent, giving local renters more choice and leverage.
Policy actions behind the shift
Since 2017, the province has implemented a suite of measures aimed at returning vacant units to the rental market and accelerating construction. These include: introducing taxes targeting speculation and empty homes; stronger protections against evictions; zoning reforms to allow more housing types; and streamlined permitting to reduce delays.
In 2023, the Homes for People action plan intensified these efforts, introducing new tools to address short‑term rentals, outdated zoning rules, and red tape that slowed construction. The cumulative impact of these policies is now visible across the province, with 29 consecutive months of year‑over‑year rent declines in Vancouver and Burnaby, and average asking rents for apartments and condos 20 per cent below their 2023 peak.
Click here for more info: BC Gov News
