Victoria and Nanaimo Experience Significant Rent Decrease

Average rental prices in both Victoria and Nanaimo have seen a notable decline, aligning with a national trend that marks a two-year low in rental costs across Canada. According to the latest report from Rentals.ca, the average rental listing price dropped by 1.2 percent nationally compared to two years ago, marking the first decline of this kind since January 2022.

The report highlights a stabilizing trend in rental prices, suggesting that despite the overall reduction, the monthly averages remained consistent, with the three-month moving average showing little change in September. This indicates that while rents have adjusted downwards from their peaks, they are not experiencing significant fluctuations.

B.C. and Alberta reported the largest year-over-year declines in rental prices, each experiencing a drop of 5.5 percent across all unit sizes. However, average rents in British Columbia remain considerably higher, with an average rent of $2,430, compared to $1,734 in Alberta. Only Manitoba bucked the trend, experiencing a rise in rental prices by 2.6 percent.

Regional Insights into Rental Prices

Among the municipalities, Vancouver and Calgary witnessed the most significant drops. Vancouver’s rental prices fell to a 41-month low, decreasing by 8.2 percent to reach an average of $2,776. Despite this decline, Vancouver continues to hold the title of the most expensive rental market in the country, with Toronto following closely at an average of $2,592.

In Victoria, rental prices decreased by 6.3 percent year-over-year across all unit types, averaging $2,282. One-bedroom units saw a reduction of 7.5 percent, with average rents dropping to $2,014, while two-bedroom units fell by 7.2 percent to $2,649. This places Victoria as the 18th most expensive rental market among the 60 monitored by Rentals.ca.

Meanwhile, Nanaimo ranked as the 29th most expensive rental market in Canada. The average price for one-bedroom units remained stable at $1,855, while two-bedroom units experienced a 3.9 percent decrease, averaging $2,286.

The rental market’s downward trend reflects a broader economic environment where affordability continues to be a pressing issue for many renters across the nation. As cities like Victoria and Nanaimo adjust to these changes, the implications for local residents and potential renters will be significant as they navigate the evolving housing landscape.