According to Zumper’s monthly rental report, Victoria rent prices have dipped slightly since last month, but are up since last year.
The report shows that Victoria is still the fourth most expensive city to rent across Canada with the average one-bedroom unit costing $2,150 per month while two-bedroom units cost $2,850.
Since October 2023, one-bedrooms have gone up by 4.9% and two-bedrooms have increased 1.8%.
However, since September’s rental report, one-bedrooms costs have dipped by 0.5% and two-bedrooms have remained flat.
Ahead of Victoria, Vancouver, Toronto and Surrey are the top three most expensive cities to live in, according to Zumper.
The report has indicated good news for renters in Vancouver and Toronto specifically, with each city experiencing their lowest annual rental rates in over three years.
Since May 2021, one and two-bedroom prices are down for Vancouverites at rates of 5.4% and 5.8%, respectively.
The report also shows that Toronto saw one-bedroom’s rent drop 3.5% since this time last year, while two-bedrooms fell 3.1%.
The fastest growing rents in the country belong to Edmonton and Winnipeg, according to the report.
Zumper says Edmonton saw one-bedroom rent jump 21.1% since this time last year, with Winnipeg closely behind with an annual rent price growth rate of 20.5%.
Country-wide, Zumper’s report indicates that the average one-bedroom cost grew by 1.3% to a price of $1,899 per month, while two-bedrooms grew by 0.7%, settling at $2,359.
Zumper’s rent report analyzes data from hundreds of thousands of active listings across the country to calculate median asking rents on a monthly basis.
