According to the most recent rent report from Rentals.ca, Victoria rental costs have stayed relatively the same since last month, but have decreased since this time last year.
The report shows that, on average, a one-bedroom unit is going for around $2,014 per month, which is the same figure as October’s rent report. A one-bedroom unit is down by about 6.4% since this time last year.
For two-bedroom units, the average cost per month is around $2,630 per month, which is down 0.8% since October and down 8.6% since November 2024.
These figures put Victoria in 18th place for most expensive rental markets throughout Canada.
Nanaimo is the only other Vancouver Island community to make the list at 26th, with one-bedrooms going for around $1,825 per month and two-bedrooms for $2,311.
Both of these costs are also down since this time last year by 0.6% and 2.7%, respectively.
According to the rental report, the most expensive city to live in across Canada is North Vancouver, with one-bedrooms costing $2,562 per month and two-bedrooms costing $3,397.
Conversely, the cheapest of the top 60 cities is St. John’s, Newfoundland, where a one-bedroom will cost around $1,014 per month—around $1,000 cheaper than Victoria—and a two-bedroom goes for around $1,186.
Throughout Canada, the outlook on rental prices is not too bad as rents have declined for the 13th consecutive month year-over-year.
However, analysts with Rentals.ca say that the most recent drop in October was just 2.2% , marking the smallest in nearly a year. This may suggest a looming softening in declines.
Additionally, the report found that western provinces led the decline in rents, which is good news for BC.
Overall, BC saw a decline of 5.8%, and Alberta declined by 5.3% since this time last year.
Saskatchewan and Manitoba were the only two which saw an overall increase of 1.8% in average rent costs.
