Victoria’s rent prices rise while national costs cool
While BC is experiencing declines in rental prices — and even Vancouver has seen a 9.4% decrease in rent prices over the past year — Victoria’s rental market is heading in the opposite direction.
According to Rentals.ca, the average rent for a one-bedroom apartment in Victoria has increased by 4.4% over the past year, now reaching $2,172.
The average listing price for rentals in the BC capital is $2,374.
The new report by Rentals.ca and Urbanation states that Canadians paid an average of $2,187 in rent in August, an increase of 3.3% for all residential types compared to the previous year.
“This marks the slowest annual rate of rent growth in nearly three years,” states the report. “On a month-over-month basis, average asking rents decreased by 0.1%, extending the trend of moderation seen since May.”
BC and Ontario may have seen a drop in average rent compared to last year — 5% and 4%, respectively — yet they remain the most expensive places to live. On average, BC residents spend $2,536 monthly on rent, while Ontario isn’t too far behind, with a monthly average of $2,390.
In July, Victoria ranked as Canada’s eighth most expensive major city for rent, with average prices at $2,178 for a one-bedroom and $2,859 for a two-bedroom.
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Despite these high prices, renters in Victoria are getting more than just a place to live.
According to Point2, Victoria offers the best community, walkability, and lifestyle in the province, making the premium rents feel somewhat justified for those enjoying the vibrant BC capital.
That said, Victoria residents have observed a discrepancy where long-term renters tend to get the best deals, while many others are left navigating the challenging rental market with whatever options they can find.
What are your thoughts on the rental market in Victoria? Email [email protected] with your story.
With files from Irish Mae Silvestre