The latest National Rent Report shows continued positive movement for rental prices across Canada and BC’s housing minister is basking in the news.
According to the October report from Rentals.ca and Urbanation, the average asking rent for Canadian residential properties has decreased 3.2% year-over-year between September 2024 and September 2025.
The report notes that there have now been 12 consecutive months of year-over-year declines, but that's in the wake of 38 straight months of rent increases between August 2021 and September 2024.
That number is even higher in British Columbia and Alberta, the report says, as the country’s two westernmost provinces are both down 5.5% annually.
At the city level, it shows that Vancouver, North Vancouver, Burnaby, New Westminster, Surrey, Victoria, Kelowna and Kamloops have all seen rental prices decline over the past year.
Leading the way in that regard is Vancouver, which reportedly led the country with a 16.9% drop over the past two years, reflecting a $500 difference and a 41-month low for the city.
Although this monthly report does not typically earn a comment from the Province, BC’s housing minister Christine Boyle released a statement this morning about the latest numbers.
"In the past two years, we've taken unprecedented action to deliver more homes for people and tackle speculation,” she said. “Our housing action plan is having an impact, with vacancy rates rising and asking rents consistently dropping.”
According to Boyle, BC has delivered record-high rental housing starts over the past three years, as well as “cut red tape,” “fought speculation” and “reined in runaway short-term rentals.”
"We know there is so much more (to) do to address housing costs for people. That is why we need to stick to our plan,” her statement added.
"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."
Click this link to view the full October National Rent Report.
