Rental prices are falling across Canada – even in Victoria, though at a much slower pace.
A recent report from Rentals.ca shows that average asking rents across the country have declined compared to the same time last year. February marked the fifth consecutive month that national prices fell, dropping a combined 4.8 per cent to $2,088 – the lowest price since July 2023.
“Rents in Canada are softening as supply is outweighing demand,” said Shaun Hildebrand, president of Urbanation.
“Apartment completions are currently running at record highs, while at the same time, population growth has slowed and the economy faces heightened risks due to a potential trade war with the U.S. Expect rents to continue decreasing in the near term as these trends likely remain in place.”
Out of the 35 cities included in Rentals.ca’s National Rent Rankings – which ranks Canadian cities from most to least expensive for a one-bedroom unit – Victoria placed ninth. According to the website, the average price of a one-bedroom apartment was $2,100, marking a 0.8 per cent increase month over month, but a 0.8 per cent decrease year over year.
Despite one- and two-bedroom prices remaining relatively stable year over year, families or roommates might see some savings, as the price of a three-bedroom has fallen 14 per cent between January 2024 and 2025.
While the slight downturn may not be cause for immediate celebration among Victoria renters, it marks an ongoing trend of falling prices across B.C.
In Vancouver, the average price of a one-bedroom unit fell 5.1 per cent from last year – the fourth-largest decline nationwide, behind Toronto, Hamilton and Calgary. Although the average price now totals $2,518, which remains the highest average rent in Canada.
Burnaby saw a 3.6 per cent decline to $2,367, the second-highest average rent in Canada. However, prices in Burnaby were also up 2.1 per cent month over month. Nanaimo ranked as the 19th most expensive city in Canada, with average rents falling to $1,795 – a figure unchanged month over month but down 3.4 per cent from last year.
Overall, the average rent for an apartment in B.C. in February 2025 was $2,457, down one per cent from February 2024. This remains nearly $400 higher than the national average, which has fallen 2.9 per cent over the past year.
