A new report is showing that rental asking prices in British Columbia are down 8.5% over the past two years, and 5.5% in the past year alone.

The report, from Rentals.ca and Urbanation, said Vancouver led with the largest drop in the country at 16.9% in the past two years and 8.2% in the past year, and sits at a 41-month low, although rent in Vancouver is still the highest in the country.

“In the past two years, we’ve taken unprecedented action to deliver more homes for people and tackle speculation.”, said Christine Boyle, Minister of Housing and Municipal Affairs in a statement.

“Our housing action plan is having an impact, with vacancy rates rising and asking rents consistently dropping. B.C. has set a record high number of rental housing starts over the past three years, cut red tape to allow more duplexes, triplexes and townhomes, and fought speculation and reined in runaway short-term rentals, to deliver thousands of homes.”

The asking average rent in British Columbia is $2,430, the highest in Canada, with Ontario and Nova Scotia coming in second and third respectively.

For more information, visit Government of British Columbia.