If you think the cost of rent in Victoria is steep, you’re not alone.
Victoria has been ranked the 6th most expensive rental market in Canada, just behind the country’s major metropolitan cities such as Toronto and Vancouver, according to North American rental site PadMapper.
Out of Canada’s 24 largest cities, Victoria saw some of the largest increases in average rent prices in one year, with the median price of a one-bedroom apartment costing $1,390 a month and the median price of a two-bedroom unit ringing in at $1,730 monthly.
Earlier this year, a different rental organization ranked Victoria as the 5th most expensive city to rent an apartment in throughout the country.
The current cost of a two-bedroom apartment in Victoria marks the highest increase in average price compared to last year.
In 2019, the average cost of rent for a one-bedroom apartment increased 8.6% from 2018 while the average rent price for a two-bedroom unit rose a whopping 13.8%.
The steep rise in two-bedroom rent prices in Victoria has now outpaced the price of similar apartments in Montreal, despite the large population differences between the two cities.
The full ranking of rental markets in Canada’s 24 largest cities is pictured below: