BC Asking Rents Down 4.5%; Vancouver 20% Below 2023 Peak

British Columbia's rental market is in its longest consecutive downturn, with asking rents dropping 4.5% year-over-year in July 2026—the 25th consecutive month of decline. The provincial average asking rent was $2,384 in July. Purpose-built and condo apartments showed a more moderate 4.1% dip to $2,357, ranging from $2,080 for a one-bedroom to $3,265 for a three-bedroom.

Vancouver has been hit hardest: average rents for apartments and condos fell 4.5% from last year to $2,677—and now sit nearly 20% below the August 2023 peak. Among British Columbia's mid-sized cities, the largest declines were in Abbotsford (–12.4%), Langley (–7.6%), Coquitlam (–7.3%), New Westminster (–6.6%), and Richmond (–6.1%). However, North Vancouver remains the most expensive rental market in all of Canada, with an average asking rent of $3,019 for purpose-built and condo apartments.

Provincial Rent Control & Supply

• 2023 rent cap change: BC tied annual allowable rent increases to inflation, set at 2.3% for 2026, eliminating the previous automatic 2% increase on top of inflation.
• Supply growth: B.C. housing policy is contributing to relief: asking prices have fallen $333 per month province-wide (from $2,671 in August 2023 to $2,338 in April 2026), saving renters an average of $4,000 per year.

For Newcomers and Renewing Tenants

If you are moving to or renewing in B.C., you benefit from both lower asking rents and a capped rent increase of 2.3% annually. Vancouver remains expensive, but secondary markets like Abbotsford, Langley, and Coquitlam now offer far better value than they did two years ago. Consider exploring communities outside Metro Vancouver if your work permits commuting—the savings can be substantial.

Sources

• CBC News — Asking rents drop again, B.C. remains among Canada's most expensive
• BC Housing — Rental prices down, rental housing construction up in B.C.