Two bedroom rentals skyrocket in Victoria: report

Two bedroom rentals skyrocket in Victoria: report
Photo courtesy CBC.
Padmapper puts Victoria as the sixth-most expensive rental market in Canada.

The average price of a two-bedroom rental in the capital city is nearly $1800 dollars, up almost 14 per cent from July of 2018, according to a new report from rental site Padmapper.

The site puts Victoria as the sixth most expensive rental market in the nation last month with the median price of a two-bedroom unit costing $1,730 a month. It puts the median price of a one-bedroom unit at $1,390 a month.

Of the 23 Canadian cities listed in the report, Victoria saw the largest price increase for two-bedroom rentals in the country with two bedrooms jumping 13.8 per cent since this time last year.

A similar report breaking down July 2019 rental statistics from also puts the cost of a two-bedroom rental unit at nearly $1,800 dollars.

According to its breakdown, puts Victoria as the fourth most expensive city in the country for rentals behind Vancouver, Burnaby, and Kelowna respectively.

Both reports list Toronto as the most expensive rental market in the country with the cost of a one-bedroom at $2,266 dollars and a two-bedroom at $2,782 dollars.

Victoria isn’t alone in its two-bedroom rental price spike.

Padmapper also notes that nearly half of the cities it examined had double-digit year-over-year growth rates for either one or two-bedroom rentals.

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