While it may come as no surprise, the cost of living in Greater Victoria is rising for buyers and renters alike.
Zumper’s latest Canadian Rent Report, released today, analyzes active listings across the Capital Region, highlighting rental data comparing last month to the month before and February 2021.
Tallying up the numbers, Zumper finds Victoria trails Kelowna as the fourth most expensive rental market in all of Canada—with Vancouver and Toronto scoring first and second place, respectively.
Month-over-month, rent for a one-bedroom in BC’s capital climbed an average of 2.3% to $1,790 in February 2022, while the cost of a two-bedroom increased 0.4% to $2,300.
But prices soared even higher year-over-year, with rent for a one-bedroom averaging an 11.9% increase, as rates for a two-bedroom jumped a whopping 15%.
These figures come as the BC government announces plans to help combat inflation. On Monday, officials confirmed the province’s minimum wage will be raised .45 cents to $15.65 an hour, starting June 1st.
Victoria’s average house price up over 20%
Meanwhile, it’s a similar story for local homebuyers.
According to the British Columbia Real Estate Association (BCREA), the average house price in Victoria continues to rise, climbing 20.3% in just one year.
February 2022 data shows the average residential house price hit $1,041,068—a jump of around $175,000 from the previous February when the average price was $865,235.
Vancouver Island-wide, the average house price rose as well—from $606,904 in February 2021 to $805,801 in February 2022. That’s a 32.8% increase, the BCREA added.
