For a couple of years now, we’ve been hearing about declining rent prices in B.C., and a new report is pointing to immigration as a key driver behind that decline.
More specifically, the slowdown in immigration.
The report also points to other immigration factors like interprovincial migration and rising emigration as key reasons for the declines, along with a growing number of non-permanent residents leaving the country.
According to a new report from liv.rent, 11 of 13 provinces and territories posted double-digit year-over-year increases in residents leaving the country.
liv.rent says that emigration pushed past 2024 levels in 2025, with 95,733 Canadians leaving the country based on data from Statistics Canada.
That’s up 17 per cent from 2024 and the highest since 2011.
B.C. and Ontario make up a huge portion of the emigration, with liv.rent saying both provinces account for 70 per cent of it.
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B.C. specifically recorded one of the largest year-over-year increases in emigration (up 32 per cent).
The report states that in 2025, Canada had a net loss of 290,392 non-permanent residents, a sharp reversal from the gain of 319,506 in 2024.
“Except for Nunavut, every province moved from net gains to net losses,” liv.rent says, attributing the shift to tighter federal policies which have affected international students, post-grad work permits, family open work permits and temporary foreign workers.
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In 2025, B.C. posted a negative population growth, something liv.rent says hasn’t happened since 2012. B.C. ranks second only to Ontario in non-PR declines.
Despite some of these realities, B.C. remains Canada’s third most popular destination for immigration. Alberta recently overtook it.
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Another reality liv.rent’s report sheds some light on is the drop in housing starts. B.C. is among four provinces to see a decline in housing starts, particularly regarding apartment buildings, falling five per cent year-over-year in 2025.
Cities that saw the biggest drops in apartment starts were West Vancouver (-95 per cent), Richmond (-67 per cent), North Vancouver (-57 per cent), and Coquitlam (-41 per cent).
On the flipside, only four B.C. cities saw a positive growth in housing starts, including Abbotsford (+80 per cent), Burnaby (+66 per cent), Langley (+60 per cent), and New West (+2 per cent).
Population growth was concentrated in the cities of Surrey, Langley and New West, the only cities to record a year-over-year population growth above two per cent.
“Metro Vancouver began experiencing steeper downward pressure on rents in August, coinciding with a 50 per cent increase in emigration from B.C. in Q3 compared to Q2,” the report adds.
liv.rent has also shared where Vancouver rents are dropping the most, with Hastings-Sunrise leading the way, overtaking downtown.
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Are landlords profiting? Tenants seem to think so
liv.rent’s report says that most renters believe that landlords are making a profit, even though only one-third of landlords are reporting that reality. liv.rent surveyed over 750 renters and landlords to gain some valuable insights on perceptions of rent in the region.
“Compared to last year, renter sentiment has softened slightly, but the divide remains,” the report shares.
Sentiments about rent in general have also changed, with liv.rent suggesting more renters are describing rents as reasonable.
liv.rent provided more context on that reality, suggesting that there has been a sharp decline from 43 per ecnt to 16 per cent in renters viewing prices as “too high.” 79 per cent viewed rents as reasonable.
“The growing use of incentives reflects a shift in bargaining dynamics, and many landlords say that current rates are insufficient to cover expenses.”
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What about you? Do you think B.C. rent prices have gotten “reasonable” or is it still too high? Leave your opinion in the comments.
You can check out liv.rent’s full report on its website.