Victoria remains the fourth most expensive market for rent costs throughout Canada, just behind Burnaby, Toronto and Vancouver.
According to the monthly rent report by Zumper, a rental data analysis firm and platform for finding rental listings, rent costs in Victoria are down slightly since last month for both one-bedroom and two-bedroom units.
However, since this time last year, rent costs are up for both types of units.
The average one-bedroom unit is going for around $2,050 per month, whereas two-bedroom units are going for around $2,760.
These figures are down by 1.4% and 1.1% since last month, but up by 2.5% and 1.1% year over year, respectively.
According to the Canadian National Rent Index, rent prices were down on all fronts when looking at the country as a whole with the median one-bedroom rent dropping 1.1% last month to $1,863.
Meanwhile, two-bedrooms decreased 0.4% to $2,313 in Canada.
So, compared to the cost of rent throughout the whole of Canada, one-bedrooms in Victoria are $187 more expensive for one-bedrooms and $447 more expensive for two-bedrooms, on average per month.
Zumper says that one reason why Canadian rent costs have not skyrocketed, has been due to apartment completions reaching record highs across the country, helping to temper double-digit rent growth like in 2023.
Most notably, year over year, Vancouver’s average cost of rent for two-bedroom units have dropped by 10.4%
Another notable statistic on Zumper’s rent report is that Ottawa has climbed the ladder and replaced Halifax as fifth most expensive city to rent in, just behind Victoria.
In Ottawa, the average one-bedroom unit is going for $1,990 and two-bedrooms are going for around $2,400 per month.
