NDP leader David Eby says the party's housing plan has driven average asking rents down 13% over the past three years. Analysts attribute much of the decline to lower federal migration after Ottawa curbed international students and non-permanent residents, plus a weak B.C. economy. B.C.'s average rent is $2,403 a month, still the highest in Canada, versus a national average of $2,034. Wendy Waters notes most rental and condo construction decisions predate Eby becoming leader in 2022, while David Williams of the Business Council of B.C. links falling home prices mainly to higher mortgage rates. Waters predicts rents will likely decline in B.C. over the next year.
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