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
What is a 'halal mortgage'? Does it make housing more accessible?
The 2024 federal budget announced on April 16 included plans to introduce “halal mortgages” as a way to increase access to home ownership.
Here's where Canadians are living abroad: report
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
Deadly six-vehicle crash on Highway 400 sparked by road rage incident
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
'We are declaring our readiness': No decision made yet as Poland declares it's ready to host nuclear weapons
Polish President Andrzej Duda says while no decision has been made around whether Poland will host nuclear weapons as part of an expansion of the NATO alliance’s nuclear sharing program, his country is willing and prepared to do so.
Invasive and toxic hammerhead worms make themselves at home in Ontario
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
Harvey Weinstein hospitalized after return to New York from upstate prison
Harvey Weinstein’s lawyer said Saturday that the onetime movie mogul has been hospitalized for a battery of tests after his return to New York City following an appeals court ruling nullifying his 2020 rape conviction.
Opinion I just don't get Taylor Swift
It's one thing to say you like Taylor Swift and her music, but don't blame CNN's AJ Willingham's when she says she just 'doesn't get' the global phenomenon.
Central Alberta queer groups react to request from Red Deer-South to reinstate Jennifer Johnson to UCP caucus
A number of LGBQT+2s groups in Central Alberta are pushing back against a request from the Red Deer South UCP constituency to reinstate MLA Jennifer Johnson into the UCP caucus.
Mookie Betts leads Dodgers past Blue Jays 4-2; Toronto drops fifth consecutive game
Mookie Betts went 3 for 5, including a triple and an RBI single, as the Los Angeles Dodgers beat the Toronto Blue Jays 4-2 on Saturday.