Victoria’s rental market has been a challenging point of conversation in recent times, as a shift away from home ownership has placed tremendous demands on the supply of rental housing.
According to a study from Padmapper, however, it’s possible that prices have peaked.
Rent prices have dropped for both one and two bedroom units compared to a year ago, which is great news for a market that saw sharp increases beginning in 2016.
Victoria’s one-bedroom rent slid 4.7% from last month and 1.6% from a year ago, settling in at a median of $1210.
Two bedroom rentals dipped 5.1% from last month and 5.7% from a year ago, finding a median of $1490.
The slight (yet very welcome) decline in prices means Victoria is now the fifth most expensive rental market in Canada, down from third place in June 2016.
British Columbia continues to see high rental prices
Three of the six most expensive markets are in British Columbia – a testament to all the splendors the province has to offer.
Vancouver topped the list, boasting a staggering median of $1990 for a single bedroom apartment, which is a 10.6% increase from last year.
Victoria is fifth, while Kelowna has seen a gut-wrenching 15% increase in single bedroom rental prices compared to December 2016, elevating it to the sixth most expensive market at a median price of $1150.
Abbotsford came in at the 19th most expensive Canadian market, with a median single bedroom price of $840.
List of median Single Bedroom rent in BC
- Vancouver, $1990
- Victoria, $1210
- Kelowna, $1150
- Abbotsford, $840