Tuesday, May 21, 2024

Victoria is now the 5th most expensive place to live in Canada (REPORT)


Victoria is officially one of the top 5 most expensive places to live in Canada. 

PadMapper reports that Victoria now ranks just behind Montreal, Quebec and ties with Barrie, Ontario with the average rent sitting at $1,400 for a one bedroom and $1,720 for a two bedroom apartment.

See also: BC government caps maximum rent increase at 2.6% for 2020

Notably, the price of one bedrooms is up 15.7% since this time last year. 

There were some adjustments in the top 10, though the rankings essentially stayed the same as no city from the previous report dropped out of or moved into the top 10 markets. 

Victoria was the only city in the list to climb up in the rental market prices. 

The report analyzed hundreds of thousands of listings last month to examine rent prices across the 24 largest cities in the country.

Here’s a list of the top 10 most expensive cities to rent in Canada:

  • Toronto, ON
  • Vancouver, BC
  • Burnaby, BC
  • Montreal, QC
  • Victoria, BC and Barrie, ON
  • Kelowna, BC
  • Ottawa, ON
  • Kitchener, ON
  • Hamilton, ON

The full report can be found here: blog.padmapper.com/canadian-rent-trends

Joel Brewster
Junior staff writer at Victoria Buzz. Have a story idea? Send it over: joel@victoriabuzz.com

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