The rental market in Victoria has been a cause for complaint for quite some time now.
According to a new national report released by PadMapper, the capital of British Columbia is now the fourth most expensive city for median rent prices for one-bedroom units in Canada.
The report analyzes hundreds of thousands of rental unit listings over the past month to examine rent prices across the 24 largest cities in the country.
It concludes that Victoria has jumped up from 6th place to claim the spot of fourth most expensive rental housing market in the country.
“One bedroom rent jumped 5.3%, which was the largest monthly rental growth rate in the nation, to $1,590, while two bedrooms grew 4.9% to $1,920,” reads the report.
The price of two bedroom apartments has also increased by 15% compared to this time last year.
In third spot stands Burnaby, second place goes to Vancouver, and Toronto takes the cake as the most expensive city in Canada for renters.
The full ranking of rental markets in Canada’s 24 largest cities is pictured below: