Rent continues to get cheaper in Abbotsford, as well as many other parts of the province, with B.C. rental prices now sitting nearly seven per cent lower than a year ago.
Unfortunately, even with such a large decline over the past 12 months, B.C. rental prices still remain the highest in the country.
But the rental market in Abbotsford is a much different story, with the city having not only the lowest average asking prices in B.C. but also one of the lowest in all of Canada.
Abbotsford’s rental price in November was $1,848, which is a two per cent decline from October. This makes it the 18th-cheapest city to rent a home in Canada, which is an improvement of one spot from the previous month.
Until recently, Abbotsford sat alone as the only B.C. city on the list of the country’s 25 cheapest cities to rent in.
However, this is no longer the case, with Kamloops sneaking onto the list in November with its average asking price of $1,946, making it the 23rd-cheapest.
Housing Minister Christine Boyle said this is reflective of the government making affordable housing one of its top priorities.
“We’ve taken bold steps to increase rental supply, strengthen protections for tenants and crack down on speculation in the housing market,” said Boyle.
“We are also working closely with local governments to make sure people can live in the communities they love. These results show our efforts are paying off.”
While the number of B.C. entries on the cheapest rents list has now doubled, the province still dominates the list of the most expensive cities to rent in.
North Vancouver remains the number one culprit, with B.C. or Ontario cities almost exclusively making up the top 10 entries.
Boyle said the government still has a lot of work to do in order to change this and make every part of B.C. more affordable.
“We need to keep going on the progress we have made so we are not repeating the mistakes that drove housing costs beyond the reach of everyday people in British Columbia,” said Boyle.