Across B.C., avg. asking rents for purpose-built apartments ↓~14% over the past 3 yr, with broad, sustained declines across most rental categories and regions.
The drop reflected weaker demand as British Columbia's population fell yearly, driven by lower immigration and fewer temporary workers and students.
Supply also expanded as more purpose-built apartments reached the market in 2024 and 2025, while some developers shifted from condos to rentals.
The piece warned the trend may be hard to sustain: population growth could resume in 2027 or 2028, while construction costs remained stubbornly high.
Builders faced inflation, expensive materials, labour, taxes, fees and land, while lower rents and falling home prices made financing new apartments tougher.
The proposed path: cheaper housing through modular building, regulatory changes, possible federal aid, and more family-sized homes beyond traditional single-family expectations.