Some Victoria residents share they still pay decades-old rent prices

Some Victoria residents share they still pay decades-old rental prices

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If you’re renting in Victoria right now, you’re likely feeling the squeeze of some of the highest rental prices in Canada. But for some long-term renters who found a place a decade ago, it’s a completely different story.

Back in October 2014, the average rent for a one-bedroom apartment in Victoria was $849, and a two-bedroom averaged $1,095, according to the Government of Canada. It was still quite difficult to find a place then (the city’s vacancy rate was just 1.5% in 2014).

But comparing those rental prices from then to today is like comparing Taylor Swift’s popularity from then to today — completely different.

Now, the average price for a one-bedroom is $2,178, and a two-bedroom goes for a whopping $2,859. That’s more than double in 10 years, with rent rising 4.4% in just the past year.

If it’s any consolation, these prices aren’t just isolated to Victoria.

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A recent Reddit thread in the VictoriaBC subreddit brought this disparity into sharp focus.

And, while the experiences shared on Reddit are anecdotal, they reveal a truth many in Victoria know all too well: the rental market can be wildly unfair. If you’re one of the lucky few — and you’ve managed to stay in the same place for years — you may be paying a fraction of the cost.

As one user commented, “$950 for a 2-bedroom suite. Been here for about 15 years. It’d easily be double that if it was on the market today.”

Another said, “Just under $1,300. Four-bed, two-bath townhouse. Been here 15 years.”

One user shared, “$1,080 for a 3-bedroom apartment. Been here I think 10 years. New tenants are paying about $1,500 depending on the size of the unit.”

This divide is a clear reminder of how unpredictable Victoria’s rental market can be — sometimes, it’s all about being in the right place at the right time.

Some landlords are the “GOAT”

For renters who managed to secure a place before the market went into overdrive, these deals seem almost too good to be true — even more so when they snag an affordable rental in the past two years, such as on commentor who said they got a townhouse for $1,250 in 2022. According to them, their landlord is “the GOAT.”

Some tenants have been able to hold onto their below-market rent even as prices have surged.

For example, one Reddit user shared, “I pay $1,129 for my one-bedroom in Chinatown. Been here since early 2016. I will never leave until I get married.”

Another commenter balked at the price, asking, “Got any windows?” — to which the original poster replied, “Yep, four tall ones. Great place.”

Meanwhile, some have tasted the sweet taste of cheaper rent and have had to move.

“I was paying $1,900 for a 2-bed split-house ground floor, but got evicted for family moving in,” they said. “Now [I’m] paying $2,850 for a 2-bed carriage house and garage with a yard and patio. We talked them down from $3,000.”

Mario Hagen/Shutterstock

Victoria is currently ranked as the eighth most expensive city for rent in Canada, and the disparity between long-term renters and new tenants highlights just how varied the market can be. For those who secured a place before the pandemic, rent prices were still somewhat manageable. But for newer renters, finding an affordable home feels nearly impossible.

If you’ve been renting for a while, your wallet might be spared, but for new renters? It’s a different game.