Rental prices in British Columbia have experienced a significant decline over the past three years, sparking a debate between the provincial government and housing experts over the primary cause. According to a recent report from Rentals.ca, apartment rental prices across B.C. have fallen by 12.1 per cent since early 2023.
Provincial Policy vs. Federal Factors
In an interview on Tuesday, January 14, 2026, B.C. Housing Minister Christine Boyle attributed the drop to her government's actions. She pointed to increased construction of purpose-built rental housing and a crackdown on short-term rentals as major contributors. "The work that we’re doing as a government on cracking down on speculation and ensuring homes are available for people in communities... is making a difference," Boyle told Postmedia.
Specifically, she noted that Vancouver apartment rents have decreased by 7.9 per cent in the past year and a striking 13.8 per cent over three years.
The Data Behind the Drop
The Rentals.ca report provides a detailed snapshot of the national and local markets as of December 2025:
- The national average rent in Canada was $2,069, marking a 2.3 per cent annual decrease.
- In Vancouver, the average rent fell to $2,664, a 7.5 per cent drop from December 2024, driven largely by asking prices for three-bedroom units falling over 10 per cent.
- Provincially, B.C.'s average rents declined by 5.8 per cent in the last year.
- Both Vancouver and Toronto rents hit their lowest levels since early 2022.
Supporting this trend, the Canada Mortgage and Housing Corporation reported that vacancy rates in Greater Vancouver have risen to 3.7 per cent, with Greater Victoria at 3.3 per cent.
Experts Point to Immigration Shifts
While acknowledging provincial efforts, real estate consultant Michael Geller and other analysts argue that federal immigration policy is a more substantial factor. "The demand for rental housing has come down quite a bit as a result of the reduction in foreign students and just generally, because of reduced immigration," Geller stated.
This perspective is backed by Statistics Canada data from the third quarter of last year, which showed B.C.'s overall population decreased by a net 14,335 people between July and October. This decline was primarily due to a net loss of 17,243 non-permanent residents, a category that includes international students and temporary workers.
The debate highlights the complex interplay between different levels of government policy in shaping housing markets. While provincial measures on supply and short-term rentals may have contributed, the sharp reduction in population growth driven by federal immigration restrictions appears to have played an outsized role in cooling rental demand and, consequently, prices.
