Average rents for all property types in British Columbia fell 5.7 per cent in May to $2,355, according to the latest report from Rental.ca and Urbanation.
The price for a studio unit saw the biggest decline, falling 5.8 per cent compared to a year ago to $1,836. The average rent for a one-bedroom was down 5.4 per cent, to $2,057.
Nova Scotia overtook B.C. as the most expensive province in Canada for purpose-built and condo rentals. The average asking rent for those units in B.C. declined 5.4 per cent year-over-year, to $2,328, compared to $2,343 in Nova Scotia.
The report said the shift is driven by a high concentration of new and higher-priced supply in urban parts of Nova Scotia, as well as a higher proportion of two- and three-bedroom units compared with B.C.
B.C. is one of only two provinces that have seen apartment rent declines over the past three years. Compared to May 2023, rents were down six per cent in B.C. and five per cent in Ontario.
North Vancouver apartment rents remain the most expensive in the country, at an average of $2,988, despite a decline of 8.8 per cent from May 2025.
The average asking rent for an apartment in Vancouver rose slightly from the previous month, to $2,699. However, on a year-over-year basis, Vancouver rents have fallen for 30 consecutive months.
The average asking rent for shared accommodations in B.C. was $1,019, down from $1,136 a year ago.
Across Canada, average asking rent for all properties fell 4.7 per cent compared to last May, to $2,029. The report said it marked the 20th consecutive month of year-over-year declines.
It noted that construction of purpose-built rental units reached a historic high in the first half of this year, while demand wanes due to low youth employment and changes to immigration policy.
“The Canadian rental market is heading into the peak summer season under a weak economic backdrop, a decreasing population, and record apartment completions, which are all working together to keep rent increases softer than what is typical for this time of year,” said Urbanation president Shaun Hildebrand. “This should offer continued relief for renters after years of outsized rent inflation.”
B.C. Housing Minister Christine Boyle said while rents are falling in B.C., affordable housing still remains out of reach for many residents.
“We know we need to work harder to ensure we can continue to bring down the cost to deliver more homes for people throughout this province in order to see these trends continue,” she said.
