Rent prices falling the fastest in B.C., but remain most expensive in Canada: report

Condo buildings tower above older two and three-storey walk-up apartment buildings, in Burnaby, B.C., on Wednesday, Dec. 18, 2024. THE CANADIAN PRESS/Darryl Dyck

The price to rent a condo or apartment in British Columbia is falling the fastest in the country, though it still remains Canada’s most expensive province, according to a new report.

Rentals.ca released its monthly rent report Thursday, finding that the average monthly price in B.C was $2,401 in October, down 5.8 per cent from this time last year and 9.6 per cent lower than two years ago.

On the city level, municipalities in B.C. were among those with the largest rent decreases year-over-year. The average price for purpose-built apartments and condos fell 15.5 per cent in Coquitlam, 12.9 per cent in New Westminster and 12.5 per cent in Surrey.

Among Canada’s large cities, rent in Vancouver has fallen the most, down 7.4 per cent since last October to an average of $2,728 per month.

Average prices in Vancouver, the country’s second-most expensive city to rent in, reached a 43-month low in October, down 11.4 per cent over the past three years.

When it comes to shared accommodation, Vancouver also led all cities with a 16.7 per cent annual drop in rent, reaching $1,241 per month, though it simultaneously held its lead as the city with the highest rent for that type of home.

North Vancouver remains home to the most expensive rentals in Canada, with an average condo or apartment going for $3,011— $2,562 for a one-bedroom and $3,397 for a two-bedroom in October.

The report does not include possible factors leading to the rent decreases, but in a statement Friday following its release, B.C. Housing Minister Christine Boyle touted the government’s efforts to increase supply and crack down on speculation and short-term rentals.

“We can’t go back to the way things were, where speculation was causing housing prices to skyrocket,” she wrote. “There is so much more do to address housing costs for people, and I look forward to more groundbreakings and openings of affordable homes across our province.”