Victoria’s rental market is among the most coveted in the nation, as renters across Canada are looking westward for cities with vibrant communities, lifestyles, and opportunities.
Ranking fourth in RentCafe’s yearly Trending Cities report, Victoria follows Winnipeg in first, Saskatoon in second, and Edmonton in third.
Compiled by RentCafe, a national rental search site, the report highlights key indicators of rental market interest based on millions of website interactions, including metrics like apartment availability, listing views, saved favourites, and personalized searches.
“What we've seen is the migration away from the larger cities in the east, like Toronto and Ottawa,” said Doug Ressler, manager of business intelligence behind the report. “People are looking and searching for… the western part of Canada.”
Victoria’s ranking saw a 34 per cent increase in favourited apartments and a 17 per cent rise in online traffic compared to the previous year. Ressler noted that renters in Victoria tend to be drawn to the city not only for its beauty but also for the lifestyle it offers.
“People are looking for more community lifestyle areas that are less [densely populated],” Ressler said. “Now that a lot of people are able to work from home or start their own businesses, what we see is that people [migrate to Victoria] because of its strong sense of community and the high quality of life.”
While expensive compared to many Canadian cities, Ressler noted, Victoria offers affordable options compared to other major metropolises. The report showcased that the majority of people interested in Victoria are Torontonians and fellow British Colombians — mostly from Vancouver, Oak Bay and View Royal.
Other high-ranking Canadian cities included top-ranked Winnipeg, Saskatoon, and Edmonton. The report attributes this trend to the rise of white-collar and tech jobs in these areas, which support higher housing expenses and attract skilled workers.
Ressler emphasized that rental demand can also function as a barometer of a city’s economic performance. As rental interest rises in Victoria, this trend may signal increasing economic growth.
“With the population and the infrastructure growing, what that means is economic diversity,” he said. “It brings an influx of capital [which] means there’s an increase in all sorts of goods and services… academic institutions, different types of businesses and start-ups.”
