British Columbia was among the provinces leading in declines as rents continued to fall across the country in November.
The latest report from Rentals.ca and Urbanation said rents fell in six major Canadian markets, with Vancouver seeing its lowest levels in over three years.
Average asking rents across all property types in B.C. were down 6.8 per cent compared to November 2024, to $2,392. It marked the 24th consecutive month of annual rent declines.
The three most expensive cities in Canada for renters were North Vancouver, Richmond and Coquitlam. The average price for a one-bedroom in North Vancouver fell to $2,493, down close to nine per cent compared to last year.
The average monthly cost for a one bedroom in Vancouver was down five per cent from last year, at $2,407, and down 5.6 per cent in Victoria, at $1,975.
Nanaimo was among the top 10 fastest growing rental markets in November, with average rents up five per cent.
Average asking rent for shared accommodation in B.C. was $1,072, a drop of 8.6 per cent from last year.
Nationally, the report said average rents for all property types across Canada declined more than three per cent compared to November 2024, to $2,074. That marks a drop of about $100 from two years ago.
B.C. Housing Minister Christine Boyle said data from last month show that B.C. has seen an increase of about 55 per cent in registered purpose-built rental homes, compared to the same period last year.
She pointed to recently passed legislation aimed at supporting the implementation of small-scale, multi-unit housing and improving the effectiveness of short-term rental restrictions.
Bill 25, passed in late November, expands the province’s authority to regulate certain development standards and dictate where small-scale, multi-unit housing can be built.
“There is still much more ground to cover, and I look forward to seeing even more affordable homes take shape throughout B.C., as we continue to innovate and deliver the housing solutions that people need,” said Boyle.
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