The price of two bedrooms in Victoria is up 8.6% since this time last year

The cost of renting in Victoria continues to climb.

Once again, Victoria has been ranked as the fourth most expensive rental market in Canada, according to Zumper’s latest rental report.

The report, which analyzed hundreds of thousands of listings in July, reveals important trends in the rental market across the 23 largest cities in Canada.

The report highlights that the cost of renting a two-bedroom apartment in Victoria has risen by 8.6% compared to the same time last year.

Currently, the median rent for a two-bedroom unit in the city sits at $2,900, a modest increase of 0.3% from the previous month.

In contrast, the median rent for a one-bedroom apartment has decreased slightly by 0.5%, bringing the average down to $2,160.

On a national level, Zumper’s Canadian Rent Index shows a general stabilization in rent prices following significant increases in 2023.

The average rent for a one-bedroom apartment across Canada is now $1,901, reflecting a 3.7% annual increase. Two-bedroom units have seen a 2.5% annual rise, with a current median rent of $2,342.

These figures indicate a more stable market compared to the double-digit annual spikes observed last year.

Victoria’s place as the fourth most expensive rental market highlights the ongoing challenges for renters in the city.

Vancouver remains the most expensive market, with median rents for one-bedroom and two-bedroom apartments at $2,700 and $3,780, respectively.

Toronto and Burnaby follow with Victoria coming in ahead of Halifax which rounds out the top five.

The report underscores the ongoing pressure on renters in Victoria as rental prices continue to climb, albeit at a slower pace compared to the rapid increases seen in 2023.

How are you finding the rental market in Victoria? Do you think it is sustainable to live here or are you planning on moving somewhere cheaper to have a better quality of life?

Let us know in the comments!