Increasingly higher costs apparent in Victoria rental market

The city just had the largest month-over-month increase in median rental costs nationwide

Increasingly higher costs apparent in Victoria rental market

Victoria’s rental market continues to become even more costly for tenants, according to data collected by PadMapper’s latest rental segment analysis.

For one-bedroom units, Victoria had among Canada’s highest median rental costs at $1,590. This level came about due to the largest month-over-month gain in January nationwide, at a dramatic 5.3%

The annual increase was at an even more blistering 14.4%, CTV News reported.

Additionally, Victoria had the fourth highest rent rate across Canada last month, coming in just behind Burnaby ($1,760), Vancouver ($2,150), and Toronto ($2,300).

A sustained hunger for more affordable housing is stimulating sales activity in the market’s lower- and mid-end housing segments, the Victoria Real Estate Board stated back in December.

“It is a challenging time for those shopping for properties in that price range as they can often find themselves in a competing offer situation,” past president Cheryl Woolley said

The benchmark value of a condo unit in Victoria saw a 3.1% annual gain in November, ending up at $517,000. Meanwhile, the average price of a single-family home in the region fell by 1.2% to $855,400.

The region saw a 15.9% annual increase in home sales during the same month, according to the Board. Condos had a 5.9% year-over-year growth in transactions, while single-detached housing surged upward with 15.4% more sales compared to November 2018.