British Columbia rent declines extend to 26 months as asking prices fall in September

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BC rent declines continue

Highlights

British Columbia's average asking rent fell 4.7% year over year in September 2026, marking 26 consecutive months of decline, per Rentals.ca.
Vancouver purpose-built rentals saw a 19% drop from the July 2023 peak, while Abbotsford, Coquitlam, Richmond, and Kelowna recorded rental declines of 10.5%, 6.8%, 6.2%, and 5.2% respectively.
British Columbia and Ontario are the only provinces with significant rent decreases over the past three years, supporting provincial claims that increased housing supply and new rental policies are improving affordability.

September rent report and provincial housing response

As reported by Government of British Columbia, citing Rentals.ca, the national average asking rent declines 4.8% year over year on Sept. 9, 2026, while British Columbia records a 4.7% overall drop and a 4.6% decrease for purpose-built rentals and apartments.

In a statement, Housing and Municipal Affairs Minister Christine Boyle says the year-over-year declines in asking rents are encouraging and suggest efforts to expand more affordable housing options are moving in the right direction. She says collaboration with communities and housing partners remains important as the province works to improve affordability.

Four B.C. cities post notable declines in purpose-built rental rates, Abbotsford at 10.5%, Coquitlam at 6.8%, Richmond at 6.2% and Kelowna at 5.2%. Vancouver also records a 19% decline in rent for purpose-built rentals from its July 2023 peak.

Regional housing supply and renter impact

The province says British Columbia and Ontario are the only provinces in Canada showing significant rent declines over the last three years, underscoring a broader shift in some of the country's largest housing markets.

Boyle says the government links the 2027 annual allowable rent increase of 2.2% to inflation to help renters manage housing costs while allowing landlords to maintain stable homes. The province also points to new rental homes opened for Lake Babine Nation over the past month, further housing plans in Vancouver's Downtown Eastside and Nanaimo, and 20 complex care housing units set for construction in Kamloops.

The latest rent figures support the province's argument that added housing supply and targeted rental policies are beginning to affect affordability, even as pressure in major urban markets remains a central issue for households across British Columbia.

Our earlier article on B.C.’s BC Manufacturing Jobs Fund focused on Ron Anderson & Sons’ Chemainus plant expansion, supported by up to C$2 million in provincial funding to boost output and add jobs. We noted the project’s goal of scaling prefabricated wood-building components that can shorten on-site construction timelines, aligning with broader provincial efforts to strengthen supply chains and support housing-related construction capacity.

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