Greater Victoria Rent Rises

Bus Tour - Visit Victoria Real Estate

According to Victoria News, Vacancy Controls are rejected while rent in Great Victoria rises between tenancy.

recent report from Victoria News states that due to the lack of rent regulation between tenancies in British Columbia, newcomers in Greater Victoria in 2022 paid, on average, one-third more than current residents in the same buildings.

New tenants face a significant affordability gap when compared to existing ones throughout BC, which has grown over the past decade, particularly in the Capital Region.

According to the Canadian Mortgage and Housing Corporation (CMHC), in 2022, those moving into an average two-bedroom rental in Greater Victoria paid 33% more than existing tenants in the same building. A similar trend was observed in Vancouver in the previous year, with the average rent for vacant units being 43% higher than for occupied ones, as reported by CMHC.

We're sure this news will continue to stimulate conversation and put more pressure on both tenants and owners...