Average asking rents in British Columbia fell 4.5 per cent in July to $2,384, according to the latest rent report from Rentals.ca and Urbanation.
The report said rents for purpose-built apartments and condominiums in B.C. declined 4.1 per cent to an average of $2,357.
It marked the 25th straight month of falling rents in the province, though it was the smallest annual decline since August 2025.
Nationally, average rents across all property types were down four per cent to $2,037.
B.C. and Ontario were tied for the biggest annual declines in the country.
Average rents for a one-bedroom in B.C. fell four per cent in July to $2,071, while two-bedroom rents fell three per cent to $2,644.
Studio and three-bedroom rents saw steeper declines, down six and five per cent respectively.
Kamloops was the only major B.C. market where average rents increased in July, up 1.6 per cent.
B.C.’s Housing Minister Christine Boyle noted asking rents were down 11.9 per cent from their August 2023 peak, and said the downward trend is “encouraging.”
“It takes more than just luck or national trends to hit a two-year-long streak. It is proof that our policies, such as the Speculation and Vacancy Tax and working with communities to build more affordable rental housing, are helping everyday people get ahead,” said Boyle.
