Average asking rents in British Columbia fell 5.1 per cent in March compared with a year earlier.
The latest rent report by Rentals.ca and Urbanation said B.C.’s average rent across all property types remained the highest in Canada at $2,384.
The average price for a one-bedroom last month was $2,075, down six per cent compared to last year.
The rental report noted that, amid year-over-year declines, Vancouver saw rents edge up compared to the previous month.
The price for a one-bedroom in Vancouver climbed one per cent compared to February, at $2,400, while average rent for a two-bedroom rose two per cent to $3,355.
Nanaimo and Kamloops have bucked the general trend of year-over-year declines among the top Canadian markets.
The average rent for a one-bedroom is up 4.4 per cent in Nanaimo to $1,843, while one-bedroom rents in Kamloops have risen 2.8 per cent over the past year to $1,790.
The report said the average asking for purpose-built condos and apartments in the province was down 4.8 per cent from a year ago, at $2,362.
B.C. apartment rents have fallen by about seven per cent since March 2023.
Across Canada, average asking rents for all property types fell to $2,008 in March, marking a 35-month low.
Rentals.ca said in a separate blog post on Friday that recent population decreases, record-high apartment completions, an oversupply of condos in certain markets and overall economic uncertainty have been driving factors in declining rents.
“British Columbia continues to lead Canada when it comes to falling rent prices for apartments, and we understand that we need to redouble our efforts to ensure we can reduce the cost to deliver more homes for people across this province to see these trends continue,” said B.C. Housing Minister Christine Boyle in a statement Thursday.
