The capital of British Columbia is used to playing second fiddle to Vancouver when it comes to the province’s hottest real estate markets, but it now ranks second on a national scale.
Victoria has surpassed Toronto as Canada’s second most expensive place to rent, according to recent data from liv.rent. In December, the average rental price for an unfurnished one-bedroom apartment in Victoria increased to $1,811 from $1,650 in November.
Since March, when it passed Toronto as the most expensive rental market in Canada, Vancouver has been the most expensive rental market in the country. In December, the Metro Vancouver region established a new high, with an average of $1,831.
After overtaking Ottawa in November 2020, Victoria has continuously held third place in the country, with average prices fluctuating between $1,550 and $1,695 before the recent jump.
Victoria had been closing in on the Big Smoke in the second half of 2021, cutting the distance to $5 in September — $1,700 versus $1,695 — before taking over second position in the last month.
Interprovincial migration in British Columbia is the highest in the country, according to Statistics Canada. Limited housing inventory and sustained high demand have combined to put rising pressure on rental costs as the population grows.