Renters in British Columbia are finally seeing a noticeable change in the rental market.
According to the latest rental report highlighted by the B.C. government on September 9, 2026, asking rents in British Columbia have now been declining for 26 consecutive months.
B.C. Asking Rents Are Down 4.7%
Across British Columbia, average asking rents decreased 4.7% compared with a year ago.
For purpose-built rentals and apartments, asking rents decreased 4.6% year over year.
This is significant because for many years renters in Metro Vancouver became accustomed to seeing rents move in only one direction — up.
Now, the market appears to be moving in the opposite direction.
Coquitlam Rents Drop 6.8%
Coquitlam was one of the B.C. cities with the largest year-over-year decreases in asking rents for purpose-built rentals.
According to the September report:
- Coquitlam: down 6.8%
- Richmond: down 6.2%
- Abbotsford: down 10.5%
- Kelowna: down 5.2%
For renters looking in Coquitlam, this is encouraging news, especially after several years of rapidly rising rental prices.
Vancouver Rents Are Also Well Below Their Peak
Vancouver has also experienced a substantial change.
Asking rents for purpose-built rentals in Vancouver are now approximately 19% lower than their peak in July 2023.
That does not mean Vancouver has suddenly become affordable. Rental housing is still expensive for many people, particularly seniors, families and people with low or moderate incomes.
However, a sustained decline in asking rents may give renters more choices and potentially more negotiating power when looking for a new home.
What Does This Mean for Renters?
It is important to understand that asking rent means the price landlords are asking for units currently available on the rental market.
It does not mean that everyone’s existing monthly rent has fallen by 4.7%.
Still, falling asking rents can be useful for people who are moving or searching for a new rental.
If more units remain available and competition between renters decreases, renters may have more opportunity to compare properties and prices before signing a lease.
Affordable Housing Is Still Important
Even with rents declining, Metro Vancouver remains one of Canada’s most expensive housing markets.
For lower- and moderate-income households, market rent can still take up a large portion of monthly income.
That is why I will continue following affordable housing, below-market rentals, BMU/LEM programs and BC Housing opportunities in Vancouver, Burnaby, New Westminster and Coquitlam.
When new applications or affordable rental opportunities become available, I will share them here.
Official Source
Government of British Columbia — Ministry of Housing and Municipal Affairs
Minister’s statement on September 2026 rental report — B.C. rent-decrease streak reaches 26 months
https://news.gov.bc.ca/releases/2026HMA0089-001049
Published: September 9, 2026