British Columbia's housing minister is attributing a recent decline in apartment rental costs to provincial government policies. However, housing experts suggest that federal changes to immigration levels have played a more significant role in easing rental market pressures across the province.
Key Takeaways
- B.C. Housing Minister Christine Boyle cites government policies like increased purpose-built rental construction and short-term rental restrictions for a drop in rents.
- Experts, including real estate consultant Michael Geller, argue that federal immigration cuts have significantly reduced demand for rental housing.
- Recent data shows a notable decrease in B.C.'s population, largely due to a decline in non-permanent residents.
Provincial Policies Touted as Rent Reducers
B.C. Housing Minister Christine Boyle has highlighted her government's initiatives, including efforts to boost the construction of purpose-built rental units and implement restrictions on short-term rentals, as key drivers behind the observed decrease in apartment rents. According to a recent Rentals.ca report, B.C. apartment rental prices have fallen by 12.1 percent since early 2023. Boyle stated that these government actions are "making a difference, and It’s returning money to the pocketbooks of renters."
Vancouver, specifically, has seen apartment rents drop by 7.9 percent over the past year and 13.8 percent over three years. The Rentals.ca report indicated that national average rents also saw a 2.3 percent drop in December 2025 compared to the previous year, with Alberta and Ontario experiencing similar declines.
Immigration Cuts as a Major Factor
Despite the provincial government's claims, real estate consultant Michael Geller and other experts suggest that federal immigration policies have had a substantial impact. Statistics Canada data revealed a net population decrease in B.C. of 14,335 people between July and October of the previous year, primarily driven by a reduction in non-permanent residents. Geller noted that "The demand for rental housing has come down quite a bit as a result of the reduction in foreign students and just generally, because of reduced immigration."
Market Trends and Vacancy Rates
Recent data from the Canada Mortgage and Housing Corporation indicates an increase in vacancy rates in Greater Vancouver, reaching 3.7 percent, with Greater Victoria at 3.3 percent. This rise in vacancies, coupled with the decrease in population growth due to immigration shifts, has contributed to a less competitive rental market. Geller also acknowledged that provincial changes allowing multi-unit developments on single-family lots have led to more purpose-built rentals entering the market.
