The average cost of rent in Victoria has continued on its trend of decreasing while rent in Nanaimo has risen slightly.
According to the most recent rent report from Rentals.ca, Victoria’s average rent has fallen from 18th to 20th most expensive in BC.
The average rent for a one-bedroom in Victoria is now $1,975 per month, which is down 2% from November’s rent report. Two-bedroom rent costs have fallen 1.2% to $2,587 per month.
Meanwhile, Nanaimo was the only other Vancouver Island community to make this list, but the cost of rent has increased slightly there since last month.
In Nanaimo, the average cost for a one-bedroom has increased 1.3% to $1,848 per month.
The report has determined that across BC, an increased supply of new rentals in some communities has contributed to the decline in asking rent, along with reduced immigration and a stable inflation rate.
According to Rentals.ca, asking rents have declined 1.5% since last month’s report—the largest monthly decrease in 2025 and larger than the typical seasonal decline recorded at this time of year.
According to the BC government, rent is down across the province by 8.5% over the past two years.
“Making housing more affordable for British Columbians has been a top priority for our government,” said Christine Boyle, Minister of Housing and Municipal Affairs.
“Vacancy rates are rising, asking rents are consistently dropping and data from last month shows that BC has increased 55.1% in registered purpose-built rental homes, compared to the same period last year.”
Victoria is one of many cities targeted by the Province to build more rental units to increase supply and vacancy rates.
According to the latest update on the City’s progress, 2,359 new homes have been built in the last two years.
This means that Victoria is 48% of the way toward their goal of building 4,902 units by 2028.
