You say rents are going down... but you want rent control? That's one way to ensure rents will never, ever go down. Every landlord will charge the statutory maximum.
Though I think the likely dynamic that you're seeing here is rent growth of new build apartments is stalling and reversing, and on renewal with new tenants rents are being revised downward as there is more competition.
https://www.ctvnews.ca/vancouver/article/rent-prices-falling...
I expect that amongst apartments with long term tenants rents are still creeping upward. But that's fine. The point of rent control is to smooth out volatility. Rents can still go up, but the goal is to avoid sudden 150% increases etc.
Is it? I mostly see rent control maximum increases below the inflation rate, suggesting a different goal (appealing to voters?). If it were just to eliminate extreme volatility I think we'd see more 5/10/20% increases and less 1/2/3% increases.
This monopolistic pricing is a massive part of the issue. Hopefully the case the DOJ brought against them is progressing well. They've essentially created a cartel of landlords trying to squeeze you for every single penny.
They reached a settlement with the DOJ last week [0].
0: https://www.realpage.com/news/realpage-reaches-settlement-wi...
https://www.justice.gov/opa/pr/justice-department-requires-r...