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
Board orders deportation for trucker in horrific Humboldt Broncos crash
The truck driver who caused the horrific bus crash involving the Humboldt Broncos junior hockey team has been ordered to be deported.
Community mourns victims of fatal boat crash near Kingston, Ont.
The three people killed in last weekend's tragic collision between a speedboat and a fishing boat north of Kingston are being remembered Friday.
A woman took her dog to a shelter to be euthanized. A year later, the dog is up for adoption again
Exhausted and short on options after consulting two veterinary clinics, Kristie Pereira made the gut-wrenching decision last year to take her desperately ill puppy to a Maryland shelter to be euthanized.
Group tied to Islamic State plotted fatal Ontario restaurant shooting: Crown
A gunman who is accused of killing a young Ontario man and shooting four of his family members at their small Mississauga restaurant in 2021 was allegedly part of a trio who had pledged allegiance to the listed terrorist group Islamic State, a Crown attorney said in an opening statement in the Brampton murder trial this week.
'A really bad car crash': Why health experts are raising concerns over surging syphilis cases
A sexually transmitted infection (STI) that was once thought to be a thing of the past is now a public health priority for North American doctors.
Purolator truck drivers from Guelph, Ont. save man walking in Hwy. 407 lanes
A pair of Purolator transport truck drivers from Guelph, Ont. are being hailed as heroes for their efforts in helping a person in crisis.
Trudeau responds to American senators calling on Canada to increase defence spending
Stopping short of offering the assurance U.S. senators are seeking, Prime Minister Justin Trudeau said his government is aware there's more work to do in order to see Canada meet NATO's defence spending target.
Toddler dies after being struck by recycling truck in Barrie, Ont. neighbourhood
A toddler has died after being struck by a recycling truck in a Barrie, Ont. neighbourhood on Thursday afternoon.
Milk sold in Canadian grocery stores tested for avian influenza; results released
As avian flu spreads south of the border, Canadian officials are now testing samples of milk sold in grocery stores across the country.