British Columbia again led the country in rent declines in December, according to the latest report from Rentals.ca and Urbanation.
The report, released Monday, said average asking rents in B.C. fell 5.8 per cent last month to $2,382.
The average rent for a studio unit in B.C. was down about one per cent to $1,906 in December. The average for a one-bedroom fell more than four per cent to $2,082.
B.C. rents were down 5.4 per cent compared to a year ago.
Vancouver rents hit their lowest levels since early 2022, though the city still topped the list of the most expensive cities in Canada for renters.
A one-bedroom unit in North Vancouver averaged $2,469 last month, down 7.5 per cent compared to a year ago. In Vancouver, the average rent for a one-bedroom was $2,391, a 4.8 per cent year-over-year decline.
Housing Minister Christine Boyle said rental asking prices for apartments in B.C. have dropped 12.1 per cent over the past three years.
“Since 2017, our government has worked to strengthen protections for renters, crack down on speculation, and implement changes to help build more rental homes across B.C. These efforts are showing results,” said Boyle.
Across Canada, average rents were down 2.3 per cent to $2,060.
Despite the downward trend, rents were still more than 14 per cent above pre-pandemic levels.
The report said rents fell throughout 2025 due to affordability constraints, following strong rent increases in the previous three years. It said that despite the decline last year, rent growth since 2020 has remained in line with the long-term historical average of 2.9 per cent per year.
“A combination of record-high apartment completions, slowing population growth, economic uncertainty, and affordability challenges has worked together to push down rents,” said Urbanation President Shaun Hildebrand. “Looking ahead, rents are likely to continue trending down in the near term as these conditions persist.”
Statistics Canada said B.C. recorded its first annual population decline on record in 2025, due to lower international migration.
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