Victoria is once again the fourth most expensive Canadian city to rent in according to the most recent rent report from Zumper.
However, BC’s capital did not see much of an average price change when compared to last month.
According to Zumper, a rental analytics platform, the average price for a one-bedroom unit in Victoria is around $2,070 per month.
This price is up by 0.50% since last month, but down by 0.50% since this time last year.
Two-bedroom units in Victoria are currently going for an average of $2,750 per month, which has remained unchanged since last month, but is up by 5% year-over-year.
Ahead of Victoria in Zumper’s list of most expensive rental cities is Toronto, Burnaby and Vancouver.
In Vancouver, the most expensive city to rent in, the average one-bedroom goes for around $2,500 per month and two-bedrooms cost around $3,450.
Meanwhile, Regina landed itself at the bottom of the list, being the most affordable major city to rent in, clocking in at $1,240 per month for the average one-bedroom and $1,460 for a two-bedroom.
According to Zumper’s National Rent Index, across the whole country, the average Canadian one-bedroom rent dropped 0.8% in March to $1,835, while two-bedrooms decreased 0.9% to $2,265.
Year-over year, one and two-bedroom rents were down 2.9% and 3%, respectively. Zumper says this indicates a “broader cooling” in the rental market.
This broader cooling could be brought on by increased supply in some markets, shifting migration patterns and affordability constraints that have pushed renters to seek more cost-effective options or delay moves altogether.
Zumper’s rent report added that economic uncertainty may be tempering demand, with some renters choosing to stay in their current units longer rather than potentially face costs related to finding new housing.
