FORT ST. JOHN, B.C. - National rents fell for the 22nd straight month in July, but Northeast B.C.’s rental markets remain relatively stable, with annual rent price in Fort St. John seeing only a modest decline.
British Columbia remained one of Canada’s most expensive provinces for renters, with average apartment and condominium rents sitting at $2,357 per month. Despite that, B.C. rents were down 4.1 per cent compared to a year earlier.
Northeast B.C. Remains More Affordable
While major urban centres continue to grapple with high housing costs, renters in Northeast B.C. are paying significantly less than the provincial average.
According to rental market data included with the report, the average monthly rent in Fort St. John was $1,163 in July, down 1.3 per cent from a year ago.
One-bedroom apartments averaged $1,163 per month, while two-bedroom units rented for about $1,425. Studio apartments averaged $862 monthly, and three-bedroom units averaged more than $1,500.
Dawson Creek saw a different trend. The city’s average rent climbed 3.8 per cent over the past year to $1,203 per month, an increase of roughly $46 monthly.
One-bedroom apartments averaged $1,203, while two-bedroom units rented for approximately $1,388 per month. Three-bedroom units averaged $1,514 or higher.
National Market Showing Signs of Bottoming Out
The Rentals.ca report suggests Canada’s rental market may be reaching a turning point after more than two years of falling rents.
Nationally, asking rents increased 0.2 per cent from June to July, the fourth consecutive monthly increase since March.
Analysts say the trend is a sign that rental prices may be stabilizing after a prolonged correction following record highs reached in recent years.
Purpose-built rental apartments proved to be the most resilient segment of the market, with rents declining just 2.6 per cent annually. Condominium rents fell 6.3 per cent year-over-year, while houses and townhomes experienced the largest declines at 7.5 per cent.
What Income Is Needed?
The rental data suggests a person would need to earn approximately $46,500 annually to comfortably afford the average rental unit in Fort St. John, based on the common guideline that rent should account for no more than 30 per cent of gross income.
In Dawson Creek, the estimated annual income requirement is about $48,100.
Although rents remain well below those seen in larger B.C. markets such as Vancouver and Victoria, the report highlights that Northeast B.C.’s housing market continues to outperform many parts of the country, particularly in Dawson Creek, where rents are still moving upward despite broader national declines.