B.C. asking rents fall 4.5% in July, report says

Asking rents in British Columbia fell 4.5 per cent in July from a year earlier, according to a Rentals.ca report released Thursday.

Five B.C. communities were among the 15 Canadian cities with the largest annual declines. Abbotsford recorded the largest drop at 12.4 per cent, followed by Langley at 7.6 per cent, Coquitlam at 7.3 per cent, New Westminster at 6.6 per cent and Richmond at 6.1 per cent.

The report says Vancouver rents have fallen 20 per cent since their August 2023 peak. It also identifies B.C. and Ontario as the only provinces to have seen rental-price declines over the past three years.

Housing and Municipal Affairs Minister Christine Boyle said the figures mark 25 consecutive months of year-over-year declines in asking rents. The provincial government says increasing housing supply remains central to its affordability strategy, including through the Community Housing Fund. It says that program has helped deliver 275 new affordable homes in communities including the Sunshine Coast, Penticton and Chilliwack.