B.C.’s housing minister is claiming some of the credit for a decrease in rental prices in cities like Vancouver and Burnaby.
A report from Rentals.ca and Urbanation finds average asking rents across Canada were down 1.6 per cent in November from the same month last year.
The report says a $2,534 average ask in Vancouver marks a 30-month low.
Minister Ravi Kahlon says the province’s regulations have played a part in an overall 11 per cent decrease in rents in Vancouver and Burnaby.
“We’re seeing an increase in housing coming back from short-term rentals, which have a significant impact on our housing market,” Kahlon explained.
“In fact, the latest data we have is 10 per cent of full homes that were on the market for short-term rentals have come back onto the market for families in our community.”
He says the policies are having a positive impact, but admits rents are “still way too high.” For Kahlon, the positive trend is only the beginning.
“We’re not there yet. This is not the time to take the foot off the gas pedal. We need more investments in affordable housing. We need to have local governments unlock and approve more housing. There are a whole host of measures we still need to do. We’re not done, but seeing that the trend line is heading in the right direction gives me some hope,” said Kahlon.
As rent prices fell nationally, Kahlon says the federal government — and any future administration — has an important role in maintaining affordability.
“Any government that comes in that thinks they can address the housing crisis without investing directly in affordable housing is dreaming,” he said.
“It’s not possible we can cut taxes for developers and hope that some of that makes it down to people. But the best way to do it — the most effective way to do it — is to actually invest in not-for-profit housing in our communities. That’s what we’re doing in British Columbia, and that’s what I’m hoping the debate will be centred around in the coming year.”