Victoria continues to be one of the most expensive places to rent in Canada, according to a new report from Zumper that tracks rental trends in major cities across the country.
The report analyzed hundreds of thousands of active listings in August. It shows that national rent prices have decreased for the 11th month in a row.
Across Canada, the median price for a one-bedroom unit fell 4.2% year-over-year to $1,820. Two-bedroom units declined 3.5% to $2,256.
Victoria’s position in the rankings
Despite the national slowdown, Victoria remains the fifth most expensive rental market in the country. A one-bedroom unit here rents for a median of $2,090. Two-bedroom units average $2,700.
The most significant change is in larger units. Two-bedroom prices have dropped 5.3% compared to last year, suggesting some relief for families and roommates seeking more space. However, prices for one-bedroom units are still relatively high and stable. This highlights the challenges faced by single renters.
How Victoria compares to other cities
Victoria is behind only Vancouver, Toronto, Burnaby, and Mississauga in overall rental costs. Vancouver leads the country, with median one-bedroom units priced at more than $2,900.
Although the gap between Victoria and Canada’s largest cities remains large, the capital city’s prices are still well above the national average. This puts pressure on locals struggling with the region’s ongoing affordability crisis.
Broader housing context
Victoria’s rental market is influenced by limited housing supply, strong demand from students and professionals, and its reputation as a desirable place to live.
The city’s boundaries, with the ocean on one side and limited land for expansion on the other, add to the pressure.
While the latest numbers show modest declines in some categories, renters in Victoria are still facing some of the highest costs in the country.
For many, this means longer commutes from more affordable areas outside the city or continued competition for the limited rental options available in town.
Looking ahead
With national rent prices trending downwards, the question is whether Victoria will follow or remain unique due to its market conditions. Economists point to rising interest rates, slowed migration, and new housing starts as factors that could help keep rents in check over the coming months.
For now, Victoria renters find themselves caught between a cooling national trend and the reality of living in one of Canada’s most expensive housing markets.
For the full national report, visit Zumper’s Canadian National Rent Report.
