SOUND OFF: Rents continue to fall across B.C.

In British Columbia, our average asking rents decreased over the past year by 4.7 per cent overall and 4.6 per cent for purpose-built rentals and apartments, with four cities in the top 15 cities with the largest year-over-year decreases in rent for purpose-built rentals: Abbotsford (-10.5 per cent), Coquitlam (-6.8 per cent), Richmond (-6.2 per cent), and Kelowna (-5.2 per cent).

Some of the actions that have led to this include increased supply, as we’ve built thousands of purpose-built rentals in communities all across the province. We’ve also taken actions like the speculation tax, so condos and homes don’t sit empty, and limiting Airbnb rentals so that long-term rentals can make their way back to the market.

This August, we for the seventh year linked the annual allowable rent increase of 2.2 per cent to inflation to help renters stay in stable homes without worrying about rent hikes, while also helping ensure landlords can continue to provide reliable, well-maintained homes for years to come. Before 2019, renters faced an additional 2 per cent rent increase in addition to inflation, costing the average B.C. family hundreds of dollars in additional rent. Without our government’s policy change, allowable rent increases would have reached 5.4 per cent in 2023 and 5.6 per cent in 2024.

We’re going to work hard to keep rents falling and keep adding more supply by focusing on B.C.’s most ambitious housing plan, with thousands of units already built and underway, working with our incredible local partners and prioritizing policy that helps British Columbians work and live in the communities they love.

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of CFJC Today or Pattison Media.

by Sunita Dhir, MLA for Vancouver-Langara

SOUND OFF: Rents continue to fall across B.C.

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