Will rent go down in Canada and BC?
Published Oct 29, 2026
Rent is already going down for many new leases in BC. Asking rents (the price on listings for empty units) have fallen in Vancouver, the Fraser Valley and several other Canadian cities. But the rent existing tenants pay usually keeps going up. Here’s what the latest rental market data says, and what it means for you.
Are rents going down in BC?
Yes, for new leases. According to the Rentals.ca report the BC government cited in July 2026:
- average asking rents in BC were down 5.3% from a year earlier, the biggest drop of any province
- asking rents for purpose-built rentals in Vancouver were 18.5% below their July 2023 peak
- some of the biggest yearly drops for purpose-built rentals were in Abbotsford (−12.4%), New Westminster (−11.8%), Coquitlam (−8.9%), Richmond (−8.2%) and Langley (−6.4%)
See what renters pay on average in your city on our average rent by city in BC page, including Vancouver, Victoria, Kelowna and Abbotsford–Mission.
Are rents going down across Canada?
In some big cities. In its June 2026 update, CMHC (Canada Mortgage and Housing Corporation) said asking rents were continuing to decline in Toronto, Vancouver and Calgary, and that Ottawa had joined them. Halifax had stabilized, and Montréal and Edmonton had changed little.
Why are rents falling?
- More empty units. CMHC’s survey put Vancouver’s apartment vacancy rate at 3.7% in 2025, above the 2% to 3% range CMHC considers balanced. When more units sit empty, landlords compete for tenants.
- Lots of new rental buildings. CMHC says rental construction has been at historically high levels, and many of those buildings are now finished.
- Short-term rentals back on the market. BC’s housing minister credits the province’s short-term rental rules with returning units to long-term renters.
Will rent keep going down in 2027?
Nobody knows for sure. CMHC expects rental conditions to keep easing in 2026. But it also expects far fewer condo apartments to be completed in the coming years, and fewer new homes could slow the drop later. Treat any forecast as a guess.
Does that mean my rent will go down?
Probably not on its own. CMHC found that the average rent paid by all tenants was still rising in 2026, mostly because rents jump when units change hands. Falling asking rents help most when you move.
- If you’re moving: compare listings, and don’t be afraid to ask for a lower rent or a free month. Our rent by city page shows where rent is cheapest.
- If you’re staying: your landlord can still raise your rent once a year, within the legal limit. Check the BC rent increase rules, or test your notice with our rent increase checker.
- If nearby units are cheaper: you can ask your landlord to lower your rent. They don’t have to agree, but they can, at any time.
New to renting here? Read how renting works in BC, use our should I rent here? checklist, or see why renting can be better than buying.
This is general information, not legal or financial advice.