Rental rates are easing off across most major markets, including Metro Vancouver, due to increased supply and slower population growth.
That’s according to the latest mid-year market report from the Canada Mortgage and Housing Corporation.
However, despite the easing rent growth and increasing supply, affordability isn’t improving.
Cailin Tyrell, with the Tenant Resource and Advisory Centre (TRAC), says if you’re a tenant, you could ask your landlord for a rent decrease.
“The landlord says, ‘No,’ the tenant would then know where they stand on that issue, and maybe they do see that rents are going down. So it’s worth weighing up the cost of moving against what they are currently paying in their tenancy,” she explained.
According to the CMHC, Vancouver alone saw a 4.9 per cent decrease in rental rates in the first three months of 2025.
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Tyrell says that if you’re considering asking your landlord for a drop, do your homework first.
“If a tenant is interested in pursuing this route, they could prepare themselves for making the ask by finding out what their neighbours are paying rent, looking at what units in their building are currently renting for,” she said.
Tyrell adds that if you’ve recently been issued with a rent increase notice, make sure that it’s the allowable legal percentage.
“See cases all the time where tenants have signed on to rent increases that are above the legal limit. And so it’s not unreasonable for a tenant, I would say, to ask for a rent decrease and explore that as an option,” she explained.
The CMHC says that vacancy rates are also expected to rise in most major cities, amid a slower population growth and sluggish job markets.
