Two reports show the average rent in Victoria has slightly decreased in October, but the national average continues to climb.
Rentals.ca and Urbanation’s report shows Victoria’s price for a one-bedroom unit decreased 0.5 per cent to $2,109 per month, with a two-bedroom decreasing 2.4 per cent to $2,578.
Nationally, the report shows prices have overall increased 9.9 per cent with one-bedroom units seeing the largest increase of 14 per cent. Prices in Victoria remain above the national average across the board.
Rentals.ca notes this is the sixth month in a row that rents have increased nationally, marking an 8.8 per cent increase, or $175 per month, increase over the past six months. In October 2022, the average rental price was listed at $1,981, compared to $2,178 in October 2023.
A report from Zumper paints a similar picture, with one difference. Zumper shows the price of a one-bedroom unit increasing by two per cent to $2,090, with a two-bedroom decreasing by 0.4 per cent to $2,790.
Nationally, the report shows prices for a one bedroom increasing one per cent and a two bedroom increasing 0.3 per cent.
“With inflation at its highest since 1983 and a population spike, Canada continues to experience month after month of record breaking rents,” Zumper says in its report.
Out of the 35 cities Rentals.ca surveys, Victoria is listed as the 11th most expensive in Canada, compared to fourth on Zumper’s list of 23 cities.
In both, Vancouver takes the top spot of most expensive. Rentals.ca puts Burnaby in second, with Toronto in third, while Zumper flips the two. The remaining seven cities on Rentals.ca’s list listed as having higher rents than Victoria are not included on Zumper’s list.
Out of the provinces surveyed by Rentals.ca, B.C. has the highest average rent of $2,639. Ontario comes in second place with average rent of $2,492.
READ MORE FROM OCTOBER: Canada’s average annual rent inflation rate reaches nine-month high: Rentals.ca study
View the full list of average rents from Rentals.ca and Zumper below:
Laura Brougham
