According to a recently released report, rent in Victoria is up by only 1% compared to October but is up 25% from this time last year for a one-bedroom unit.
In total, Victoria remains the third most expensive city to rent in Canada–once again tied with Burnaby for the unwanted position.
According to Zumper, a rental data aggregation company that releases its findings monthly to keep local renters and rentees informed, Victoria’s average rent for a one-bedroom unit is still rising, but at a lesser rate than previous months.
In October, the average rental went up by 30.6% in Victoria since the same time last year but November’s growth rate since 2021 is at only 25%.
The average one-bedroom rental is $2,100 per month in BC’s capital.
Two-bedroom apartment average costs appear to be on the decline according to Zumper though, with the average two-bedroom unit costing about $2,500 in Victoria.
Studio or bachelor apartments are also down in November. In Victoria the average studio is $1,750 per month as compared to October’s $1,820 per month.
- Rental woes: The price of a 2-bedroom in Victoria is up 20.3% since this time last year
- Rental woes continue: New report shows Victoria 1-bedroom rentals are up 30.6% since this time last year
Canada’s most expensive city to rent remained the same, as Vancouver has an average rental cost of $2,500 per month.
Of the top five most expensive cities to live in, four-out-of-five are within BC. Toronto is the only city outside of BC to make the top five and it took the number two spot.
According to Zumper there are 428 apartments for rent in Victoria at the time of this publication.