Latest report shows Victoria rent continues to decrease compared to 2025

The latest report from Rentals.ca shows the average asking rent is continuing to decline in Victoria and on a national scale. 

Throughout Canada, the average rent declined by 4.3% year-over-year for the 21st consecutive month. Currently, the nationwide average asking rent is $2,033. 

However, the national report indicated that the pace of decline is continuing to ease, with some rents rising month-over-month for a third straight month. 

In Victoria specifically, the cost of rent has dropped by just 1.8% for one-bedroom units since this time last year and by 2.4% for two-bedroom units. 

On average, a one-bedroom unit in Victoria is going for $1,999 per month, whereas a two-bedroom unit is costing $2,642. 

Month-over-month, the statistics represent a 0.5% decrease for one-bedrooms and a 1.7% increase for two-bedrooms’ rent. 

In January, Victoria was sitting in the 20th spot for most expensive Canadian cities to rent in, but has since climbed the ladder to 15th most expensive. 

Nanaimo is the only other Vancouver Island community to make the top 60 list at 27th most expensive—an increase from its position at 32nd in April of this year. 

There, one-bedrooms are going for around $1,847 per month and two-bedrooms for $2,313. This represents a 1.6% increase from last year for one-bedrooms and a 6.5% increase for two-bedrooms. 

The most expensive city to live in across Canada is North Vancouver, with one-bedrooms costing $2,457 per month and two-bedrooms costing $3,363.

Though these figures may seem high, they have actually decreased respectively by 5.5% and 5.7% since this time last year.

Conversely, the cheapest of the top 60 cities is St. John’s, Newfoundland, where a one-bedroom will cost around $1,061 per month—around $900 cheaper than Victoria—and a two-bedroom goes for around $1,268.

In BC, the Province attributes the year-over-year decrease in rent costs to the influx of new, purpose-built rental units being built in municipalities that have been targeted to increase their rental supply.

As of September 30th, 2025, Victoria has built 2,359 net new units of its 4,902 five-year target with three years still remaining to build the rest.