The analysis may be new but the findings won't come as a surprise to those renting a home in Greater Victoria.
A recent analysis by Money.ca placed Victoria in sixth spot on the list of worst affordability for one-bedroom rentals in the country. Using Statistics Canada data from 2023, which puts Victoria's average rent at $1,427 and average annual income at $43,900, the survey determines that 39.01% of residents' annual income is spent on rent.
Victoria's unenviable ranking comes in behind Toronto (48.55%), Vancouver (46.07%), Halifax (40.99%), Kelowna (40.43%) and Oshawa (39.01%).
“Deciding where to rent while saving for a home can be very challenging with rising rental prices,” said Kris Bruynson, vice-president of marketing and product at Money.ca. “Although Vancouver and Toronto are appealing, everyone must weigh the cost versus savings when renting in these expensive cities. Is it worth spending 49% of your salary on rent?”
And the reality on the ground might be even worse, as many Victoria residents would jump at the chance to snag an apartment for $1,427 a month. The October figures from Rentals.ca show the average one-bedroom in Victoria goes for $2,151, more than $200 higher than the $1,938 a comparable unit in Kelowna would bring.
Topping the list of most affordable cities in Canada is Quebec City, where the $911 average rent represents 21.65% of the average annual income. It is followed by Montreal (26.30%), St. John's (27.74%), Regina (29.63%) and Windsor (29.65%).
