British Columbia’s capital city is used to playing second fiddle to Vancouver among the province’s hottest real estate markets, but now stands in second place on a national stage.
Victoria has surpassed Toronto as Canada’s second most expensive place to rent, according to recent data from liv.rent. The average rental price of an unfurnished one-bedroom apartment in Victoria jumped to $1,811 in December, up $161 from $1,650 in November.
Vancouver has been Canada’s most expensive rental market since March, when it passed Toronto. The Metro Vancouver region set a new high in December, hitting an average of $1,831.
Victoria had consistently held third place in the nation after overtaking Ottawa in November 2020, with average prices hovering between $1,550 and $1,695 before the latest leap.
Victoria had been hot on the Big Smoke’s heels through the second half of 2021, narrowing the gap to $5 — $1,700 versus $1,695 — in September before taking over second place during the last month.
According to Statistics Canada, British Columbia leads the nation in interprovincial migration. As the population increases, limited housing inventory and consistently high demand have combined to put upward pressure on rental prices.
