A newly released national report shows renters are widening their search, and Victoria is right in the middle of the action.
According to the latest Canada Renter Interest Report from RentCafe.com, Victoria ranked as the sixth most in-demand rental market in the country in the fourth quarter of 2025, climbing two spots from the previous quarter.
While smaller cities in Atlantic Canada and the Prairies dominated the top of the rankings, with Moncton and New Brunswick holding the number one spot, Victoria stood out as one of the strongest-performing markets in western Canada.
In the final quarter of 2025, Victoria posted a total renter interest score of 70.85, placing it just behind Regina and ahead of Vancouver, Winnipeg and Ottawa.
The report found that:
- Favourited listings in Victoria increased by 21% year-over-year
- Saved searches rose by 37%, signalling sustained intent among renters actively tracking units
Those gains suggest renters are not just browsing listings in Victoria, they are monitoring the market closely and preparing to act.
By comparison, Vancouver ranked seventh nationally. While it climbed four spots overall, engagement there showed signs of shorter search cycles as supply tightened.
Victoria’s performance is notable given that many of Canada’s largest cities, including Toronto, Montreal and Calgary, saw declines in page views and saved searches toward the end of the year.
Moncton, Hamilton, Halifax and Saskatoon topped the national rankings, with Hamilton recording the biggest jump after climbing 10 positions to second place.
Only three major cities, Vancouver, Ottawa and Edmonton, cracked the top 10.
The findings suggest renters are being more intentional, often seeking better value, lifestyle benefits and improved affordability rather than defaulting to Canada’s largest urban centres.
Victoria’s rise in renter interest comes at a time when rental prices are gradually easing.
As reported yesterday, data from Rentals.ca shows that average asking rent in Victoria has declined compared to this time last year.
A one-bedroom unit in Victoria now averages $1,942 per month, down 6.7% year-over-year. Two-bedroom units average $2,605, representing a 5.1% decrease.
See also: Canada’s average rent falls to 31-month low as Victoria prices continue to ease
Nationally, the average asking rent has fallen for 16 consecutive months, reaching a 31-month low of $2,057.
In BC specifically, asking rents are down 12.3% from their September 2023 peak.
Victoria currently ranks as the 20th most expensive city to rent in Canada, while Nanaimo sits at 28th. Increased supply appears to be playing a role locally.
Greater Victoria’s vacancy rate reached 3.3% by the end of 2025, up from just 1.4% in October 2022.
Between October 1, 2024 and September 30, 2025, 882 new housing units were completed in Victoria — surpassing the Province’s target of 766 units for that period.
Two years into a five-year housing target plan, Victoria has already built 48% of the 4,902 required new units.
With more renters looking and prices starting to ease, the outlook heading into the 2026 rental season is mixed.
Demand remains strong, particularly in lifestyle-driven markets like Victoria. However, the increase in supply and a higher vacancy rate appear to be cooling the upward pressure on prices.
For renters, that could mean more options and slightly improved negotiating power compared to the conditions seen just a few years ago.
With files from Curtis Blandy
