Tuesday, February 27, 2024

Cost of one-bedroom rentals on the rise in Victoria while two-bedroom units drop

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Month over month, rent costs continue to climb throughout the vast majority of Canadian cities, including Victoria. 

According to a monthly report by Zumper, a platform which helps people find rental housing, Victoria continues to be the fourth most expensive city to rent in both one-bedroom and two-bedroom units. 

One-bedroom units in Victoria cost an average of $2,090, which is a 2% increase compared to what it would cost just one month ago. 

Although this might be a disheartening statistic for some, Zumper’s report says that compared to this time last year, the average rent for one-bedrooms has gone down by 0.4%.

When it comes to two-bedroom units, Victoria’s average cost is $2,790. This is actually a 0.4% drop from last month’s average cost, but compared to last year, the price has gone up by 6.1%.

For those in Vancouver, the most expensive city to live in Canada, the average one-bedroom is $2,780 and two-bedrooms are a whopping $4,000.

Meanwhile in Saskatoon, Canada’s cheapest major city to live in, the average one-bedroom is $1,070 while a two-bedroom is $1,260. 

Across the country, average rent has grown steadily regardless of how many bedrooms. 

The national median price has grown by around $200 for both one-bedroom units and two-bedroom units since 2022, according to Zumper. 

In BC, the province just passed legislation which will effectively have thousands of short-term rental units convert to long-term rentals. 


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The hope is that these units which were previously utilized on apps like Airbnb and Vrbo will flood the market with new rental opportunities which will provide more choice for people seeking a home. 

Right now, the rental market in Victoria is largely landlord controlled due to the lack of choice for tenants. 

This new legislation goes into effect in May. 

mm
Curtis Blandy
curtis@victoriabuzz.com

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