{"id":221559,"date":"2021-12-06T19:54:55","date_gmt":"2021-12-07T00:54:55","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=221559"},"modified":"2021-12-06T20:38:02","modified_gmt":"2021-12-07T01:38:02","slug":"victoria-passes-toronto-canada-second-expensive-rental-market","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/victoria-passes-toronto-canada-second-expensive-rental-market","title":{"rendered":"Victoria passes Toronto as Canada\u2019s second most expensive rental market"},"content":{"rendered":"

<\/h4>

\"\"<\/a>Photo: Mario Mendez<\/a> \/ Unsplash<\/a><\/em><\/p>\n

British Columbia<\/span>\u2019<\/span>s capital city is used to playing second fiddle to Vancouver among the province<\/span>\u2019<\/span>s hottest real estate markets, but now stands in second place on a national stage.<\/span><\/p>\n

Victoria has surpassed Toronto as Canada<\/span>\u2019<\/span>s second most expensive place to rent, according to recent data from <\/span>liv.rent<\/span><\/a>. 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.<\/span><\/p>\n

Vancouver has been Canada<\/span>\u2019<\/span>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.<\/span><\/p>\n

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.<\/span><\/p>\n

Victoria had been hot on the Big Smoke<\/span>\u2019<\/span>s heels through the second half of 2021, narrowing the gap to $5 \u2014 $1,700 versus $1,695 \u2014 in September before taking over second place during the last month.<\/span><\/p>\n

According to Statistics Canada, British Columbia leads the nation in <\/span>interprovincial migration<\/span><\/a>. As the population increases, limited housing inventory and consistently high demand have combined to put upward pressure on rental prices.<\/span><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Victoria has surpassed Toronto as Canada\u2019s second most expensive place to rent, with the average rental price of an unfurnished one-bedroom apartment rising to $1,811 in 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