The cost of rent in Canada has reached its lowest in around two and a half years, and Victoria’s average rent is also steadily decreasing.
According to the most recent national rent report from Rentals.ca, Victoria rent has dropped by 6.7% for one-bedroom units since this time last year, and by 5.1% for two-bedroom units.
On average, a one-bedroom unit in Victoria is going for $1,942 per month, whereas a two-bedroom unit is costing $2,605.
According to the report, this puts Victoria at the 20th spot for most expensive Canadian cities to rent in.
Nanaimo is the only other Vancouver Island community to make the top 60 list at 28th. There, one-bedrooms are going for around $1,820 per month and two-bedrooms for $2,328.
The most expensive city to live in across Canada is North Vancouver, with one-bedrooms costing $2,469 per month and two-bedrooms costing $3,287.
Though these figures may seem high, they have decreased by 6.9% and 2.2% respectively 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 $1,086 per month—around $900 cheaper than Victoria—and a two-bedroom goes for around $1,250.
According to the report, the average asking rent in Canada has dropped for the 16th straight month, represented by a 31-month low of $2,057.
Furthermore, the report found that asking rents for apartments throughout BC are down by 12.3% from their peak in September 2023.
“This rent report is more good news for renters, and falling rent prices are one of the ways we’re making life more affordable in British Columbia,” said Christine Boyle, Minister of Housing and Municipal Affairs.
“Seeing asking rent prices fall doesn’t happen overnight; it is deeply connected to the major investments and policies we have been putting in place since 2017, to increase the number of rental homes available for people.”
This cost decrease across 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.
In Victoria, 882 new units were built to completion between October 1st, 2024 and September 30th, 2025.
The City’s target for this time period was set at 766 by the Province, meaning the Victoria was able to surpass their goal by 116 units.
Victoria’s quota for the first year of housing targets was set at 659 new units, and during that time, the City was able to complete 1,477 net new units.
Just two years into the five-year deadline, Victoria has managed to build 48% of the 4,902 new units required.
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%.
