The provincial government is pointing to new national data as a sign that B.C.’s rental-housing market is finally easing after years of rising costs.

A report released this week by Rentals.ca shows average asking rents for purpose-built rentals and condos in B.C. have fallen 8.5-percent over the last two years - the largest decline in the country.

Vancouver continues to see steep drops, with year-over-year asking rents down more than 15-percent compared to 2023. November also marked the 24th straight month of annual declines.

Housing Minister Christine Boyle says affordability has been a top priority and credits the drop in rents to strengthened tenant protections, increased rental supply, and efforts to curb speculation.

She notes the province has seen a 55.1-percent increase in registered purpose-built rental homes compared to the same time last year.

Boyle says recent legislative changes - including support for small-scale, multi-unit housing and improvements to short-term rental restrictions - are helping shift units back into the long-term rental market.

She also thanked local governments for supporting measures aimed at creating more affordable homes.

The minister says there is still more work to do, but the latest numbers show progress toward making housing attainable for people across British Columbia.

To see the Minister’s statement, visit Government of British Columbia.