Wednesday, June 12, 2024

Victoria’s average rental costs decrease for the first time this month

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Canadian rent prices continue to climb when compared to last year’s cost-of-living by a significant rate, but in the short-term, things aren’t looking too shabby for Victorians. 

According to the Zumper Canadian Rent Report, an analysis of rental cost trends across Canada, Victoria’s average rent for both one-bedrooms and two-bedrooms decreased in March when compared with February.

One-bedroom units are down a whopping 1% since last month at around $2,060 per month and two-bedrooms cost decreased by 0.4% to $2,600 for a month’s rent.

Despite this welcomed drop in average rental costs, Victoria’s one-bedroom units are still 15% higher than 2022 and two-bedroom units are 13% higher.

To no one’s surprise Vancouver and Toronto remain the two most expensive cities in Canada to live in with Vancouver’s satellite, Burnaby and Victoria coming in third and fourth respectively.

The rental report says that US markets are flattening while Canadian markets continue to rise in spite of efforts to build more affordable rental units across the country. 

“The U.S. is starting to see new supply come onto the market to offset high demand while Canada has not seen significant new construction,” reads the Zumper report. 

The report also notes that since 2016, Canada has had record amounts of immigration which contributes to our society and diverse population, but also creates issues when it comes to housing supply and demand. 

“With high interest rates, another factor at play, many consumers are staying in the rental market for longer, which lowers vacancy rates and puts upward pressure on rent prices,” says the report. 

“Until Canada is able to develop more housing supply, rents will remain high and rising.”

To no one’s surprise Vancouver and Toronto remain the two most expensive cities in Canada to live in with Vancouver’s satellite, Burnaby and Victoria coming in third and fourth respectively.

Here is what the average rental cost is in the top five most expensive cities in Canada:

  • Vancouver 
    • One-bedroom unit – $2,550
    • Two-bedroom unit – $3,600
  • Toronto, Ontario 
    • One-bedroom unit – $2,350
    • Two-bedroom unit – $3,000
  • Burnaby
    • One-bedroom unit – $2,300
    • Two-bedroom unit – $3,050
  • Victoria
    • One-bedroom unit – $2,060
    • Two-bedroom unit – $2,600
  • Kelowna
    • One-bedroom unit – $1,910
    • Two-bedroom unit – $2,270

Of the 23 Canadian cities included in this report, it seems Edmonton is the best place to be paying rent with an average of $1,020 per month for a one-bedroom and $1,230 per month for a two-bedroom.

mm
Curtis Blandy
curtis@victoriabuzz.com

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