Average rents grew by 2.5 per cent, amounting to about $30 more per month.
The province has a rental vacancy rate of 1.4 per cent.
In the Greater Toronto Area, monthly rents rose by $63, on average.
At last count, the GTA rental vacancy rate was 1.1 per cent.
Horgan government will spend $492 million on 4,900 subsidized rental units.
According to a report commissioned by the province, more than 115,000 new housing units were awaiting approval in six Metro Vancouver municipalities.
The Horgan government now says it will peg allowable rent increases to inflation, estimated at 2.5 per cent for 2019.
The owners of 67,000 lots currently zoned for single-family housing can now rebuild their homes as duplexes.
The imbalance between the number of available units and the number of would-be renters drives up rents.
It takes nearly two years, on average, to obtain building permits in Vancouver.