Victoria’s latest rent report shows rents continuing to drop year-over-year

The latest report from Rentals.ca shows the average asking rent in Victoria has decreased for both one- and two-bedroom units. 

On the whole, Canada’s average rent declined by 4.2% since this time last year, dropping to continue the 24-consecutive-month trend.

The nationwide average asking rent is currently at $2,034—down $1 since last month.

In Victoria, the cost of rent has dropped by 1.3% for one-bedroom units since this time last year, and has dropped by 0.6% in average asking price for two-bedroom units. 

The average one-bedroom unit in Victoria is going for $1,997 per month, whereas an average two-bedroom unit costs $2,632. 

Month-over-month, the statistics represent a 0.3% decrease for one-bedrooms and a 0.6% decrease for two-bedrooms’ rent. 

Last month, both monthly rates in Victoria either dropped slightly or remained stable. 

In January, Victoria was sitting in the 20th spot for most expensive Canadian cities to rent in, but is now 16th most expensive. Last month Victoria sat at 17th. 

Nanaimo is the only other Vancouver Island community to make the top 60 list at 25th. There, one-bedrooms are going for around $1,897 per month and two-bedrooms for $2,261. 

This represents a slight increase month-over-month for both one-and two-bedroom units. 

North Vancouver still reigns as the most expensive city to live in throughout Canada, with one-bedrooms costing $2,466 per month and two-bedrooms costing $3,477.

Though these figures may seem high, one-bedroom units have actually decreased by 3.6% since this time last year, although two-bedroom units saw a 2.7% increase.

Conversely, according to the report, the cheapest of the top 60 cities is Medicine Hat, Alberta, which has taken the spot of St. John’s, Newfoundland. 

In Medicine Hat, a one-bedroom costs around $1,232 per month—around $700 cheaper than Victoria—and a two-bedroom goes for around $1,391.

According to a 2025 Canada Mortgage and Housing Corporation (CMHC) Rental Market Report, the vacancy rate in Victoria had climbed to 3.3%—the highest it’s been since 1999. 

When Victoria was targeted by the Province to build more rental units in 2023, which is also when the local rental market peaked, the vacancy rate was at just 1.5%.