The average asking rent for all property types in B.C. was $2,387 in August, down 4.7 per cent from a year earlier, according to the latest report from Rentals.ca and Urbanation.
The average was essentially unchanged from July.
The average rents for studios had the steepest declines last month, down eight per cent to $1,834. Rents for one-bedrooms fell six per cent to $2,048.
The average asking rent for shared accommodations in B.C. was $909, down 4.5 per cent from a year ago.
B.C. was among the provinces that saw the largest decreases in rents for purpose-built apartments and condos, down 4.6 per cent year-over-year.
Rents for apartments and condos in B.C. have fallen 12 per cent compared to three years ago.
However, rents in Vancouver and four other major Canadian markets saw month-over-month increases.
Average apartment and condo rents in Vancouver were up one per cent from July to August, at $2,704. Ottawa, Montreal and Edmonton also posted monthly increases.
Nationally, the average asking rent for all property types in Canada was down 4.8 per cent compared to last year, marking the 23rd consecutive month of annual declines.
Housing Minister Christine Boyle said in a statement Wednesday that B.C. policies like the speculation and vacancy tax, and linking the annual allowable rent increase to inflation, are working to bring rents down.
“Year-over-year declines in asking rent prices is encouraging news. This assures us that we are on the right track in our efforts to create more affordable options for renters,” said Boyle.
The latest quarterly report from Rentals.ca and Urbanation said the declines in rents across Canada are largely due to factors like a surge in purpose-built rentals, slower population growth and higher youth unemployment.
