Victoria is among the most expensive rental markets in Canada. (Black Press Media file photo)

Victoria is among the most expensive rental markets in Canada. (Black Press Media file photo)

Canada’s 3rd most expensive rental rate found on Vancouver Island

A one-bedroom rental in Victoria is only $10 behind Toronto’s rate

Victoria is once again near the top of a list residents probably don’t want it to be on.

The city is among Canada’s most expensive rental markets, trailing only Vancouver and Toronto. That’s according to Zumper’s Canadian Rent Report, which uses hundreds of thousands of listings to find the median asking rents for the country’s 24 most populous metropolitan centres.

Victoria’s median rental price for a one-bedroom sat at $1,840, with a two-bedroom coming in at $2,300. Just $10 separated Victoria’s one-bedroom rent from that of Toronto, Canada’s most populous city and second most expensive rental market.

Many of the top 10 cities’ rent rates had double-digit year-over-year increases for one and two-bedrooms and the Zumper report said that signals a return of demand in the pricier markets.

The rent of a one-bedroom in B.C.’s capital was 14 per cent higher compared to a year ago, representing a year-over-year increase that was only behind Halifax (up 15 per cent) and Windsor (up 18 per cent). With the price of a two-bedroom rental up 20 per cent, Abbotsford had the highest year-over-year increase for January, while Victoria, Vancouver, Kelowna, Oshawa and Quebec City all posted increases close to 15 per cent.

READ: Public input sought on Victoria’s vision to streamline subsidized housing process


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