Victoria Rental Rates Rise

An already expensive rental market is now even pricier!

Rentals.ca has released its most recent rental report, and it confirms what many Victorians already know – rental prices in Victoria have jumped substantially, with rates up nearly 20 per cent for both one- and two-bedroom suites from November 2020. This means for a one bedroom, renters will be paying an extra $302 per month and an extra $374 per month for a two bedroom. This works out to a year-long lease costing an additional $3,624 or $4,488, respectively. The average rent in British Columbia is the highest in the country at $2,184 per month in October 2021.

The city’s rental crunch eased slightly last year due to the pandemic with fewer tourists and university students coming to Victoria, but with travel restrictions lifted and in-person classes resuming, availability has once again plummeted.

At TLA Developments, we strive to keep our project pricing attainable so homeownership can be a reality for more people. If you’re looking to get out of the rental market and into your own home, consider Skyeview in the heart of View Royal. Visit Skyeview.ca for more information.