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With apartment rents skyrocketing up to 15% this year, Victoria has firmly secured its place as the 3rd most expensive rental market in the country.
"The (monthly) prices of one-and-two-bedrooms (in 2021) settled at medians of $1,760 and $2,310, respectively," said Crystal Chen, marketing manager at Zumper (formerly PadMapper) where apartments for rent are listed and the monthly Canadian National Rent Report is generated.
The end-of-the-year report in December is closely watched because it provides an annual summary and shows just how pricey Victoria real estate has become.
Over the past year, Victoria has also bounced around the rankings with Kelowna, some months as 4th most expensive, other months 5th, before landing in 3rd at year-end.
The typical one-bedroom rent of $1,760 is 8% higher than last year.
There are only two other cities in the country where renting a one-bedroom is heftier -- Vancouver at $2,100 a month and Toronto with $1,850.
When it comes to renting a two-bedroom apartment in Victoria, the typical monthly rent is $2,310, a whopping 14.9% than last year at this time.
Even so, there were four other cities that racked up the same or bigger hikes -- Vancouver at 14.9% for $3,080, Oshawa at 15% and $1,840 and Abbotsford at 19.6% for $1,770.
The two cities in Canada ahead of Victoria on the most expensive two-bedroom list are again Vancouver and Toronto at $3,080 and $2,330 respectively.
Victoria rents have continued to soar despite the continued pandemic, the summer's searing heat, wildfires and flooding and mudslides cutting off highway routes and causing supply-chain havoc.
That's because Victoria continues to be a desirable place to live, work, play and invest.
It also has a robust homes sales market and rentals tend to mirror that.
For example, the benchmark selling price of a condominium in Victoria is $560,700, up 15.6% in a year.
While such price and rent increases point toward a healthy economy it also spotlights that Victoria has a supply shortage of homes for sale and apartments for rent.
Such conditions price some out of the market while others have to borrow from parents, work two jobs or take in a roommate in order to afford a place.
By the way, the most affordable cities to rent an apartment are St. John's at $860 a month for a one-bedroom and $940 for a two-bed and Regina at $890 and $1,100, respectively.
See the full report at https://www.zumper.com/