Victoria is once again the fourth most expensive market to rent in throughout Canada, according to the most recent rent report from Zumper.
Zumper’s monthly rent report analyzes hundreds of thousands of listings, examining the median rent prices across the 23 largest cities in Canada to determine the latest rental trends.
According to their data for June, Victoria’s rent has decreased for both one and two-bedroom units since this time last month, and this time last year.
The average one-bedroom unit’s rent has increased by 0.5% since this time last month to $2,150 per month. This is a decrease of 0.9% since this time last year, according to Zumper.
For two-bedroom units, the average rent has decreased by 3.5% since last month to $2,790, which is also a decrease of 3.5%, year-over-year.
Vancouver, Burnaby and Toronto all continue to be the top three most expensive cities for rentals in Canada, according to the rent report.
Zumper says that Vancouver is the most expensive, with an average one-bedroom going for $2,540 per month and a two-bedroom going for around $3,470.
Meanwhile, the least expensive city on Zumper’s rent report is Regina, where the average one-bedroom unit costs $1,290, and a two-bedroom goes for around $1,570.
When zooming out and looking at the median rent cost in Canada as a whole, Zumper found that one-bedroom units stayed flat at $1,835 last month, while two-bedrooms increased 0.1% to $2,251.
“After years of steep rent increases, the market is showing signs of correction and rebalancing,” said Crystal Chen, Zumper rent analyst.
“Demand seems to be shifting toward more affordable secondary markets, while increased rental supply in major urban centers is giving renters more options and putting downward pressure on prices there.”
According to Chen, recent restrictions on international students and temporary residents have slowed population growth, while new rental completions and purpose-built rentals should lead to a market correction over the next several years.
