Costs for a one-bedroom rental in Victoria for July are holding steady at just above $2,000, according to two rent reports.
A report by Rentals.ca and Urbanation shows the average cost for a one-bedroom rental in the city sits at 2,054. This puts Victoria at 11th place out of 35 Canadian cities in terms of most expensive. The price also reflects a 0.8 per cent decrease from the month before, and 7.3 per cent decrease from the year before.
Zumper’s report shows a slightly different picture. The price for a one-bedroom in this report shows an average price of $2,020, which is the same as the month before, and a 1.5 per cent increase from the year before. Zumper places Victoria fourth out of 23 cities for most expensive.
In both reports, Vancouver ($3,013 for Rentals.ca and $2,800 for Zumper), Toronto ($2,592 for Rentals.ca and $2,400 for Zumper) and Burnaby ($2,541 for Rentals.ca and $2,390 for Zumper) take the top three spots for most expensive.
The two reports show a significant difference in the average price for a two-bedroom rental in Victoria for July.
Rentals.ca says the price of a two-bedroom rental in Victoria decreased by 2.4 per cent from the year before to now cost an average of $2,753, whereas Zumper shows a 7.7 per cent increase from the year before for a price of $2,760.
Nationally, the two reports are fairly similar. A one-bedroom rental according to Rentals.ca costs an average of $1,823 and according to Zumper sits at $1,833. A two-bedroom nationally will set you back $2,144 according to Rentals.ca and $2,285 according to Zumper.
Both reports show that Victoria’s average rental prices for both a one- and two-bedroom are above the national average.
“Rents experienced further upward pressure last month as post-secondary students rushed to sign leases ahead of the fall term, the population grew by a record level, and homebuyers moved to the sidelines as the Bank of Canada raised interest rates to a 22-year high,” Rentals.ca said.
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Laura Brougham
