While rental prices remain incredibly high all across the country, Abbotsford stands out as one of the cheapest options not only in B.C. but also in all of Canada, according to the latest study from the rental platform Liv.rent.
This in 2024 revealed what most B.C. residents already know; it's extremely expensive to live in this province.
In fact, all five of the most expensive cities in Canada are located in B.C., with Abbotsford being the only B.C. city on the list of cheapest rental spots.
For a one-bedroom unit, the average rental price in Abbotsford was $1,630 in 2024, which is a far cry from the $2,751 price for West Vancouver 鈥� the most expensive city on the list.
Even the provincial average for a one-bedroom place is far higher than in Abbotsford, sitting at $2,273, according to the Liv.rent report.
Despite having the lowest rental prices of any city in the province, Abbotsford is one of the only places in the Lower Mainland that decreased the number of new housing units it added from the previous year.
In 2023, the city introduced 735 new units, but this number dropped to only 436 units in 2024, resulting in a 41 per cent decline. The only other Lower Mainland city to experience a drop in new housing was West Vancouver.
This number doesn't seem poised to increase much for 2025 either since the number of new housing projects started in 2024 remained nearly stagnant from the previous year, only increasing a mere one per cent.
In comparison, some of the fastest-developing cities in the Lower Mainland are North Vancouver, Coquitlam, and White Rock.
As part of the same study, Liv.rent surveyed both landlords and renters, reporting that nearly half of all renters feel like the amount they have to pay is far too high and unreasonable given current market conditions.
This stands in stark contrast with the fact that a third of landlords reported that they're currently taking a loss on their property with how much they're charging, and another third saying that they're only breaking even.
Renters all across the country want to see the prices come down even further in 2025 though, with 22 per cent saying that provincial rental caps are a necessary step in making rental housing more affordable.
