RENTALS.CA released a report on Tuesday indicating that rental asking prices in British Columbia are down 8.5% over the past two years, and 5.5% in the past year alone. Vancouver led with largest drop in the country at 16.9% in the past two years and 8.2% in the past year. Vancouver is at a 41-month low and one bedrooms are down $500 a month since 2023.
The report is available at https://rentals.ca/national-
In response to the report, Christine Boyle, Minister of Housing and Municipal Affairs, said on Wednesday that in the past two years, the government had taken unprecedented action to deliver more homes for people and tackle speculation.
She added: “Our housing action plan is having an impact, with vacancy rates rising and asking rents consistently dropping.”
Boyle said: “B.C. has set a record high number of rental housing starts over the past three years, cut red tape to allow more duplexes, triplexes and townhomes, and fought speculation and reined in runaway short-term rentals, to deliver thousands of homes.
“We know there is so much more do to address housing costs for people. That is why we need to stick to our plan.
“While some want to cancel our actions and take us back to empty homes and neighbourhoods, we know we need to keep moving forward. There is still more work to do to unlock housing that people can afford.”
