Victoria rental prices fall 3.4% amid national decline

rental market housing costs Victoria rents Canadian real estate Rentals.ca report

According to the latest reports from Rentals.ca and Urbanation, average asking rents in Victoria declined by 3.4% year-over-year in August. The average rent for apartments and condominiums in the city was $2,243. Within Victoria, one-bedroom units averaged $1,994 per month, while two-bedroom units averaged approximately $2,645.

This trend aligns with a broader national decline in Canada, where the average asking rent for all property types fell 4.8% year-over-year to $2,035. This marks the 23rd consecutive month of annual decreases across the country.

In British Columbia, average asking rents for apartments and condominiums dropped 4.6% year-over-year to $2,353. Vancouver, the province's largest market, saw a 4.1% annual decline, with average rents at $2,704. Despite the downward trend, North Vancouver remains the most expensive city in Canada for renters.

Entities

British Columbia · Christine Boyle · Rentals.ca · Vancouver · Victoria

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] Vancouver's average asking rent for apartments and condominiums was $2,704, a 4.1% annual decrease. oakbaynews.com · sookenewsmirror.com
[○ 1 SOURCE] Minister of Housing and Municipal Affairs Christine Boyle described the year-over-year rent declines as encouraging. victoriabuzz.com
[● 2 SOURCES] Average asking rents for apartments and condominiums in Victoria fell 3.4% year-over-year in August to $2,243. oakbaynews.com · sookenewsmirror.com
[○ 1 SOURCE] The national average asking rent for all property types in Canada was $2,035 in August. victoriabuzz.com
[○ 1 SOURCE] North Vancouver remains the most expensive city in Canada for renters. victoriabuzz.com
[● 3 SOURCES] Two-bedroom unit rents in Victoria averaged approximately $2,645 to $2,649 per month. oakbaynews.com · sookenewsmirror.com · victoriabuzz.com
[● 3 SOURCES] One-bedroom unit rents in Victoria averaged $1,994 per month in August. oakbaynews.com · sookenewsmirror.com · victoriabuzz.com
[● 3 SOURCES] Canada's average rent has declined for 23 consecutive months. oakbaynews.com · sookenewsmirror.com · victoriabuzz.com

Sources

Victoria rents fall by 3. 4% as national declines continue [oakbaynews.com]

1 day ago

Victoria rents fall by 3. 4% as national declines continue [saanichnews.com]

1 day ago

Victoria rents fall by 3. 4% as national declines continue [sookenewsmirror.com]

1 day ago

Latest report shows Victoria rents continue to decline despite back-to-school influx [victoriabuzz.com]

2 days ago