Rents in British Columbia saw some of the steepest declines in Canada in the second quarter of 2026, according to a report from Rentals.ca and Urbanation.
The report said average rent in the province fell 5.7 per cent between April 1 and June 30 compared with the same period a year earlier to $2,365.
Only Ontario recorded a larger decline, with average rent falling 5.8 per cent year over year to $2,229.
Across Canada, average rent fell 4.6 per cent in the second quarter to $2,030.
The quarterly report looks at why average rents are rising or falling.
It said Canada is seeing a record wave of new apartment supply, with a surge in purpose-built rentals.
B.C. had more than 69,800 apartments under construction, the second-highest amount after Ontario. That marked a 5.7 per cent decline from the same quarter in 2025.
The report uses a four-quarter rolling total for apartment completions. It said B.C. had 33,523 apartment completions, up 9.7 per cent year-over-year.
The report said slower population growth and higher youth unemployment are also reshaping the rental market in Canada.
B.C. reported a 0.9 per cent population decline in April. The province attributed the loss to reduced international migration due to the federal government’s immigration policy changes.
The province’s unemployment rate was 6.5 per cent in June, in line with the national average. The youth unemployment rate was 12.9 per cent, slightly higher than the national average of 12.7 per cent.
