'It's ridiculous': Anxiety about rental prices in Greater Victoria grows as inflation soars
The Capital Region's rental market is sitting at a historically low vacancy rate and adding to that, the cost of those available rentals are at record highs.
"To rent a one-bedroom apartment in Victoria you’ll need to make somewhere between $55,000 and $85,000 a year, depending on the location of the unit," said Paul Danison, content director of Rentals.ca.
That price range is shocking to many.
"It’s ridiculous," said Amanda Sigurdson who lives in Victoria. "I really don’t know how anyone can live here."
Rentals.ca tracks the cost of renting a unit across the country. Here’s what it costs to rent, on average, in Greater Victoria.
- A one-bedroom rents for $1,870 a month. That’s up 14 per cent year over year.
- A two-bedroom goes for $2,900 a month. That the third highest price tag for a two-bedroom in Canada.
- A three-bedroom or more could run you more than $4,000, according to Rentals.
Stacking up against other cities in Canada, this region is certainly on the expensive side when it come to rent.
"Victoria basically is in the top 10, and certainly for a two-bedroom, it’s in the top three," said Danison.
'ABSOLUTELY AFRAID'
The B.C. government controls rental increases and leans on inflation to set the rate annually. With inflation soaring at nearly seven per cent, some fear we could see increases beyond last year's numbers at one and half per cent.
"We’re absolutely afraid of what rent increases will be next year because of the increases in inflation," said Doug King, executive director of the Together Against Poverty Society.
But King says that's just one concern. Another concern is that people who are displaced from their rentals these days, often after many years of living in the same place, find that a new unit is now out of reach.
"If they lose that housing, it’s a catastrophic consequence," said King. "You’re talking about a complete change in their lifestyle, rent might be double what it was before."
A lack of supply is a big factor when it comes to the cost of rent.
The Canada Mortgage and Housing Corporation (CMHC) tracks rental housing starts in Canada and says last year was good when it comes to purpose-built rental builds.
"We had a 27 per cent increase from January to May compared to last year," said Pershing Sun, senior analyst with CMHC.
That was a banner year that hasn’t been seen since 1990. Now the rental starts have slowed down, but there is good news.
"We are seeing a more geographically balanced rental supply," said Sun.
That means new rentals are not just being built in the West Shore, but also in the downtown Victoria core and in Saanich as well.
The province says it’s reviewing the formula it uses to calculate allowable rent increases, but it's not hinting at what could be ahead for renters and landlords.
CTVNews.ca Top Stories
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
'Unacceptable': Trudeau reacts after AFN chief says headdress taken from plane cabin
After the Assembly of First Nations' national chief said her headdress was taken from an airplane cabin this week, Prime Minister Justin Trudeau called the incident 'unacceptable' and a 'mistake' on the part of Air Canada.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.