Though the average rent in Victoria has seen a slight decrease from the previous month, the year-over-year rent is still up by 10.4 per cent.
Rentals.ca’s monthly National Rent Report for June 2022 shows rents in Victoria dipped slightly by 3.6 per cent for a one-bedroom, and 2.5 per cent for a two-bedroom, but the annual prices are still increasing.
In June 2022, the average rental price for a one-bedroom was $1,803, and a two-bedroom is at $2,823.
Comparing June 2021 to June 2022, rents are up by 10.4 per cent. This puts Victoria as having the 12th highest average rent prices in the country.
“A recent report by the Canada Mortgage and Housing Corporation suggests Canada remains significantly undersupplied for housing, which continues to affect the rental market, and migration patterns,” the Rentals.ca release says.
“Rising interest rates, persistent inflation, supply chain issues, record high immigration levels and employers’ decisions about requiring in-office work are continuing to affect the rental market across Canada.”
Across the country, average rental prices were at $1,885, an increase of 9.5 per cent year over year in June. This is slightly lower than the average in June 2019, before the pandemic.
Graph courtesy Rentals.ca
“The average rent for all property types in Canada declined slightly in June compared to a month earlier, but is up almost 10 per cent annually,” said Ben Myers, president of Bullpen Research & Consulting, one of the firms that works on the rental report.
“The monthly dip can be attributed to a decline in Quebec, as rents in B.C., Alberta, Ontario and Nova Scotia all experienced increases in average rent from May to June.”
Vancouver is once again in the top spot for highest monthly rent, with prices being at$2,412 for a one-bedroom, and average monthly rent for a two-bedroom was $3,597.
British Columbia and Ontario have the highest monthly rents at $2,456 for B.C. and $2,232 for Ontario. British Columbia average rents were up 25 per cent year-over-year.
Table courtesy Rentals.ca
Laura Brougham
