It’s striking to see how rents across British Columbia have now declined for 23 months in a row. Average asking rents are down about 5% year-over-year, with purpose-built rentals and apartments showing the same decrease. Four BC cities—Abbotsford, Coquitlam, Richmond, and Kelowna—stand out among the top 15 in Canada for the largest yearly rent drops in purpose-built rentals: Abbotsford leading at around 11%, followed by Coquitlam (7%), Richmond (6%), and Kelowna (5%).
According to provincial officials, this easing is due to more purpose-built rental supply, vacancy-focused taxes, and stricter short-term rental rules, which are bringing more homes back into the long-term rental market. In mid-Q3, BC once again tied the annual allowable rent increase to inflation (about 2%), aiming to provide stability for renters while supporting landlords in maintaining their properties. The province continues to add housing supply through its housing plan—with thousands of new units already built or underway—hoping to see rents continue this gentle downward trend.
For those of us specializing in Richmond, Vancouver, and Burnaby, it’s especially important to stay attuned to these shifts, as local market conditions can change quickly and affect both buyers and renters. Integrity and transparency remain my guiding principles as I help clients navigate these evolving landscapes.
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