Low vacancy, limited rental supply in Victoria: study
![Victoria housing An aerial view of downtown Victoria. (CTV News)](/content/dam/ctvnews/en/images/2023/6/20/victoria-housing-1-6449148-1687299614514.jpg)
A report released Wednesday by the online rental company Rentals.ca paints a bleak picture of Victoria's rental housing market.
Rental asking prices across Canada have gone up by 8.9 per cent this year, with the average asking price in Canada for a one-bedroom surpassing the $2,000 mark for the first time ever.
According to Rentals.ca, Vancouver has the highest asking price for a one-bedroom apartment in the country, up by 16.2 per cent this July year over last July, followed by Toronto, where it’s up by more than 13 per cent.
However, Victoria ranked way down in 11th place for one-bedroom rentals, and asking prices had actually gone down by seven per cent since last July. Two-bedroom rentals are down by 2.4 per cent.
Giacomo Ladas, spokesperson for Rentals.ca, said Wednesday that the explanation for this phenomenon is that Victoria’s vacancy rate has dropped this July compared to last, and those few places that are being listed for rent are not high-end rentals.
“Apartment composition has a big part to play in this,” said Ladas.
“The vacancy rate in Victoria is extremely low, it’s actually below one per cent, which means there are fewer new units coming to market. And this will affect reducing the average rent, because we're not seeing a large influx of purpose-built rentals being built, which in turn has a large influx of new leases being signed at those premium prices.”
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6973608.1721691615!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
2nd woman found dead in English Bay: Vancouver police
For the second time in as many days, a woman's body was found near Vancouver's shoreline Monday.
2 Albertans accused of threatening to kill Trudeau, Freeland, Singh
Men from Edmonton and Calgary are accused of threatening to kill some of Canada's top government leaders.
Athletes show off stylish and expensive team clothing for the 2024 Olympic Games
Canadian athletes attempting to reach the podium at the Paris 2024 Olympic Games will also be looking fashionable for the entire world to see.
Four suicides in New Zealand linked to Ontario's Kenneth Law
New Zealand's coroner has ruled that four of its citizens died after ordering products from an Ontario man who is facing murder charges for selling poisonous substances.
IN PICTURES Here's what Calgary's new event centre 'Scotia Place' will look like
The name of Calgary’s new event centre was unveiled on Monday. The arena will be called Scotia Place.
Toronto woman charged with voyeurism after taking 'intimate' photos during massage: police
A Toronto woman who allegedly took 'intimate' photos of an individual who was getting a massage has been charged with voyeurism, police say.
These are the four leading vice-presidential picks for Kamala Harris' campaign
No one knows the importance of selecting the right running mate better than Vice President Kamala Harris.
Kamala Harris endorsement excites Democrats, but what could it mean for Canada?
U.S. President Joe Biden's endorsement of Vice-President Kamala Harris as his possible replacement stirred excitement among Democrats, but one analyst has concerns about what a potential Harris presidency would mean for Canada.
Harris steps into the limelight. And the coconut trees and memes have followed
If you're trying to get up to speed on Vice President Kamala Harris' swift emergence as Democrats' possible nominee this fall, you really need to know your memes.