A Victoria renter who is struggling to find an affordable place to live says more action is needed by all levels of government to bring down prices through more supply.
Blake Wilson moved to the area three months ago and has been staying with friends – he calls himself a “couch surfer” – ever since.
“I’ve been doing this longer than I wanted to,” said Wilson. “That’s because I can’t find anything I can afford. So I end up going from place to place and living with friends.”
The last straw for Wilson was a recent listing on Craigslist for a downtown Victoria condo at Blanshard and Caledonia that is demanding $2,800 for a unit with no bedrooms and is 531 square feet.
The condo is relative new and has luxury finishings, but Wilson says studio apartments should not be renting for that much.
“This is insanity,” Wilson said. “Our politicians need to start taking this seriously.”
Another listing on Craigslist has a studio suite near UVIC with no bedrooms renting for $1,700 – more than many one-bedroom units of the same size and locations.
According to a new report by Rentals.ca, Victoria came in 11th on its list of 35 cities for average monthly rent in May for a one-bedroom at $2,045 and ninth for average monthly rent for a two-bedroom at $2,616.
Year over year, average monthly rent in May for a one-bedroom in Victoria was up 3.4 per cent.
Vancouver once again tops the list of 35 cities for average monthly rent. In May, average monthly rent in the city for a one-bedroom home was $2,831, and average monthly rent for a two-bedroom was $3,666.
“Higher rents are on the horizon with interest rates at a 22-year high, rising home prices and record immigration. Gen Z could become the ‘Boomerang Generation’ moving back in with the parents or the ‘Roommate Generation’ splitting rent as it’s unaffordable for many Canadians to pay rent on their own. Governments at all levels need to come up with creative solutions to increase housing supply,” said Matt Danison, CEO of Rentals.ca Network, in a news release.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level.
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