One Canadian rental analyst sees Victoria becoming slightly more affordable.
According to PadMapper, rent for the average one-bedroom apartment dropped 3.8 per cent in April to $1,540 a month. The cost of a two-bedroom dropped 1.5 per cent to $1,970 in April.
ALSO READ:
The decrease places Victoria rents fifth among CanadaB次元官网网址檚 most populous metro areas, falling one spot behind Barrie, Ont. VancouverB次元官网网址檚 rents of $1,900 for the average one-bedroom are the most expensive in the country, followed by Toronto at $1,750.
B次元官网网址淔or the first time since January 2020, one-bedroom rents in both Vancouver and Toronto were flat on a monthly basis. (Though rent prices were still down in the double-digits year-over-year.),B次元官网网址� according to PadMapper. B次元官网网址淭hese flat rates may be a result of a recent migration of renters who never lived in these pricey cities but wanted to take advantage of the cheap rent and unheard of move-in specials currently being offered. These new renters moving in evens out the overall demand so we arenB次元官网网址檛 seeing the trend of continuous decline in rent prices anymore.B次元官网网址�
ALSO READ:
Doug King, executive director with the Together Against Poverty Society in Victoria, said the dip in rental rates is the kind of news theyB次元官网网址檝e been waiting for.
B次元官网网址淚tB次元官网网址檚 the first indication that rents will start to decrease as a result of (rising vacancy rates),B次元官网网址� he said. B次元官网网址淗opefully, this is the crest of the wave and a sign that perhaps the measures the NDP (government) have taken are starting to pay off.B次元官网网址�
King said the group is still awaiting the latest figures from the Canada Mortgage and Housing Corporation, and must determine whether the slight decrease in rates is due to the pandemic or the recent increase in VictoriaB次元官网网址檚 rental stock.
B次元官网网址淭hese rental-designed buildings will help relieve some of the pressure on other parts of the market,B次元官网网址� he said, adding that those on low incomes or who have been renting their current home for a number of years will still have trouble finding affordable homes.
B次元官网网址淔or people on income assistance of disability, rent is so high they would have a hard time getting into the private market and will still depend on government assistance.B次元官网网址�
King said that is why renovictions are such an important issue and more needs to be done to make sure protections are in place.
According to PadMapper, Quebec City has the lowest rents of any major Canadian city, with a one-bedroom fetching $790.
Do you have a story tip? Email: vnc.editorial@blackpress.ca.
Follow us on and and like us on
