B.C. rents fall 4.5% in July; Metro Vancouver cities see sharper declines across suburbs

Rental prices across British Columbia declined 4.5 per cent in July compared with a year earlier, according to a Rentals.ca report released Thursday, marking 25 consecutive months of year-over-year decreases.

Five B.C. communities ranked among Canada's 15 cities with the largest rent drops. Abbotsford recorded the biggest decline at 12.4 per cent, followed by Langley at 7.6 per cent, Coquitlam at 7.3 per cent, New Westminster at 6.6 per cent and Richmond at 6.1 per cent. Vancouver rents have fallen 20 per cent since reaching a peak in August 2023.

Across Canada, only B.C. and Ontario have experienced rental price declines over the past three years, the report found.

Housing and Municipal Affairs Minister Christine Boyle attributed the trend to provincial policy. "This report marks 25 months of consecutive year-over-year decreases in asking rent prices," Boyle said. "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."

The province says increasing housing supply remains central to its affordability strategy. In July, Premier David Eby and Prime Minister Mark Carney announced a multi-billion-dollar housing agreement that includes funding for the Community Housing Fund. According to the province, the fund has delivered 275 new affordable homes in communities including the Sunshine Coast, Penticton and Chilliwack.