Low vacancy, limited rental supply in Victoria: study
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
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.