Real Estate Investment Network senior analyst Don R. Campbell, predicted in an article in The Province in May 2014, that Surrey and Abbotsford will become one of B.C.’s most in-demand markets in the next few years. Campbell says that Abbotsford has great potential, with ample residential, industrial and agricultural land.
It seems that Mr. Campbell's prediction was correct: According to the Canada Mortgage Housing Corporation, rental vacancy rates in Abbotsford-Mission plunged to their lowest levels on record in 2015. An Abbynews.com article, posted December 20, 2015, states the following:
"The [Abbotsford-Mission] area’s vacancy rate dipped from 3.1 per cent in 2014 to below one per cent last year. At 0.8 per cent, the combined Abbotsford-Mission Census Metropolitan Area had the third-lowest vacancy rate in the entire country, only slightly higher than in Victoria and Kelowna. Abbotsford itself had a vacancy rate of 0.6 per cent, while Mission’s rate was 3.2 per cent.
The number of apartment rental units increased by a little more than 200 units between 2014 and 2015, with the vast majority of that increase coming in Abbotsford.
“Despite this increase in new units, the vacancy rate declined, indicating demand for rental accommodation outpaced supply,” the report said.
“The Abbotsford area, like much of the suburban area of Vancouver, is also becoming more desirable for its lower housing costs and strategic location. While most residents of Abbotsford City stay in the region to work, there are a number of commuting options, including the relatively new Port Mann Bridge, which helps to reduce commute time to the west side of the Lower Mainland.”
The University of the Fraser Valley also spurs demand for rental units, the report noted, as does a strong local economy drawing workers from other regions.
Rising home prices may also have played a factor, according to the report."
And according to this Abbynews article that was published on July 31, 2015, a survey done by the Fraser Institute found that Abbotsford is also one of the easiest places to build a home: While Abbotsford’s average approval timeline of 11.1 months for proposed homes was similar to other cities, developers ranked the city as the least obstructionist of the 10 municipalities with the most responses to the survey.
So, if you're currently looking for a rental place, you might have a hard time finding one; however, if you need help finding a home to buy, or a lot to build your dream home on, don't hesitate to contact one of our realtors to help you narrow it down to your best fit.
Good luck with your home search... whether it's a rental or not.