As rent continues to get cheaper in most of the country, one place that is experiencing significant growth in its rental prices is Abbotsford, which had the biggest price increase in all of B.C. last month.
According to the latest report from Rentals.ca, September was a month of significant price declines in many B.C. cities, with the entire province dropping an average of 5.5 per cent.
Despite this recent price drop, four of the 10 most expensive cities in Canada are still located in B.C., with North Vancouver leading the pack at $2,570 for a one-bedroom apartment/condo.
While Abbotsford is nowhere near the top of this list, it has had quite a large jump in the rental market lately, with the city experiencing a year-over-year increase of seven per cent in September.
This is the biggest price hike in the province, and the fourth-largest in all of Canada. The only cities that had even bigger increases were St. Albert, Vaudreuil-Dorion, and Kingston.
Even though the city's rental prices have gone through such a significant change, it didn't knock Abbotsford out of the list of the 25 cheapest cities in Canada.
In September, Abbotsford had an average rental asking price of $1,936 for apartments and condos, making it the 20th cheapest market in the country.
Abbotsford remains the only B.C. city to make this list, while the list of the 25 most expensive cities is littered with B.C. cities, including the neighbouring community of Langley.
Canada as a whole is going through a much different experience than Abbotsford, with the average rental price for all property types dropping to a two-year low of $2,123 in September.
B.C. prices have also gone through some significant changes in the last couple of years, dropping by 8.5 per cent compared to September 2023.
Housing Minister Christine Boyle said that this price drop is the result of the provincial government working hard to build a record amount of rental housing.
"In the past two years, we’ve taken unprecedented action to deliver more homes for people and tackle speculation," Boyle said.
"Our housing action plan is having an impact, with vacancy rates rising and asking rents consistently dropping."
While B.C. rental prices might be trending in the right direction, they are still 1.4 per cent higher than they were at this point three years ago, with most other provinces currently sitting at double-digit percentage increases compared to 2022.
In order to ensure that the B.C. market continues to become more affordable for renters, Boyle said that the government is committed to continuing with its housing plan.
"While some want to cancel our actions and take us back to empty homes and neighbourhoods, we know we need to keep moving forward," she said.
"There is still more work to do to unlock housing that people can afford."
