Province reports significant rent reductions while rental housing construction reaches record levels across British Columbia.
BURNABY, B.C. – June 2, 2026
The Government of British Columbia says renters are seeing meaningful cost-of-living relief as the province records the largest year-over-year decline in asking rents anywhere in Canada.
Premier David Eby announced that B.C.’s housing initiatives are helping lower rental costs while increasing housing supply. The announcement coincides with BC Builds breaking ground on nearly 820 new homes in Burnaby and reaching its 4,000th housing unit milestone.
According to provincial data, average asking rents in British Columbia have fallen by 12.5 percent since August 2023, dropping from $2,671 to $2,338 per month by April 2026. This represents an average monthly savings of $333, or roughly $4,000 annually for renters.
The province highlighted that asking rents in Vancouver and Burnaby have declined for 29 consecutive months, with apartment and condominium rents now approximately 20 percent lower than their 2023 peak. Average rents in the two cities have fallen by more than $650 per month, resulting in annual savings of nearly $8,000 for many renters.
The government attributes the improvements to its Homes for People Action Plan, which includes measures targeting housing speculation, vacant homes, short-term rental restrictions, renter protections, and zoning reforms aimed at accelerating housing development.
Additional housing indicators show positive trends:
• Metro Vancouver’s vacancy rate has increased from 0.9 percent in October 2023 to 3.7 percent today.
• Rental housing starts in 2025 were three times higher than in 2015.
• More than 26,000 purpose-built rental homes were registered in 2025, compared with an annual average of approximately 2,500 between 2007 and 2016.
• More than 27,000 low-income seniors now receive support through the Shelter Aid for Elderly Renters (SAFER) program.
Housing and Municipal Affairs Minister Christine Boyle acknowledged that affordability remains a challenge but emphasized that rents are moving in the right direction and more housing options are becoming available.
Since 2017, the province says more than 99,000 affordable and rental homes have been completed or are currently underway throughout British Columbia.
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