According to a recent analysis, rent in Victoria has increased since February’s report, but has decreased since this time last year.
The most recent national rent report from Rentals.ca shows the average Victoria rent has risen by 2.9% for one-bedroom units since February, and by 0.1% for two-bedroom units.
Though since March 2025, one-bedrooms are 4.8% lower and two-bedrooms have dropped by approximately 3.3%.
On average, a one-bedroom unit in Victoria is going for $1,998 per month, whereas a two-bedroom unit is costing $2,607.
Even though rent has seen a slight bump since February, Victoria has still managed to drop four spots, from 20th most expensive city in Canada to rent in, to 16th.
Nanaimo is the only other Vancouver Island community to make the top 60 list at 30th.
One-bedrooms in Nanaimo are going for around $1,812 per month and two-bedrooms for $2,324.
The most expensive city to live in across Canada continues to be North Vancouver, with one-bedrooms costing $2,465 per month and two-bedrooms costing $3,330.
Though these figures may seem high, they have decreased by 6.1% and 4.4%, respectively, since this time last year.
On the other end of the spectrum, the cheapest of the top 60 cities remains St. John’s, Newfoundland, where a one-bedroom will cost around $1,163 per month—around $900 cheaper than Victoria—and a two-bedroom goes for around $1,253.
According to the report, the average asking rent in all of Canada has dropped for the 16th straight month, represented by a 33-month low of $2,030.
Throughout all of BC, the average rent is also down by 4.9%, with the average unit costing around $2,375. Though this figure is down, it still represents the highest rent of any province in Canada.
“This latest rent report continues to show encouraging signs for renters, with declining prices helping ease everyday costs for people in British Columbia,” said Christine Boyle, Minister of Housing and Municipal Affairs.
This cost decrease in BC is in part due to the increase in new, purpose-built rentals in municipalities that were targeted by the Province to increase their rental supply.
Victoria was one of the first communities targeted, as its vacancy rate was determined to be below the minimum threshold.
Just two years into the five-year deadline, Victoria has managed to build 48% of the 4,902 new units required.
“While I’m encouraged by the progress so far, there is still a lot of work ahead to help people in British Columbia find a home they can afford,” continued Boyle.
“We will not stop until people throughout BC can find homes that meet their needs, in the communities they love.”
According to the BC government, Greater Victoria’s vacancy rate has been determined to have reached 3.3% by the end of 2025. In October 2022, the vacancy rate was as low as 1.4%.
