Victoria rents edge lower as Canada’s rental market shows signs of stabilizing

Victoria rents edge lower as Canada’s rental market shows signs of stabilizing

Published 4:00 pm Wednesday, July 8, 2026

Victoria remained among Canada’s pricier rental markets despite another annual decline. (Tony Trozzo/Victoria News file photo)

Those looking for a place to rent in Victoria saw little change in June, with asking rents edging lower from a year ago even as Canada’s rental market showed early signs of stabilizing after nearly two years of annual declines.

According to the latest National Rent Report from Rentals.ca and Urbanation, the average asking rent for all residential property types in Victoria was $2,258 in June, down 1.8 per cent from the same month last year. Rents slipped 0.5 per cent from May, leaving Victoria ranked as Canada’s 15th most expensive rental market.

One-bedroom rentals in Victoria averaged $1,999 in June, down 1.8 per cent year over year, while two-bedroom units averaged $2,642, a decline of 2.4 per cent.

Across British Columbia, average asking rents fell 5.3 per cent annually to $2,377, marking one of the country’s steepest provincial declines. B.C. remained Canada’s second most expensive province for rentals, behind Nova Scotia, where newer developments and a greater share of larger units pushed the average asking rent to $2,360.

Nationally, the average asking rent declined by 4.3 cent year over year to $2,033 in June, the 21st consecutive month of annual decreases. However, rents increased 0.2 per cent from May, marking the third straight monthly increase since reaching a 35-month low in March.

“Canada’s rental market continued to show signs of improvement in June, with rents rising for a third straight month and the pace of annual declines easing from earlier in the year,” said Shaun Hildebrand, president of Urbanation. “Toronto’s gradual stabilization could be an early signal that the market is beginning to bottom out this cycle.”

Despite easing rents, affordability remains a major concern for many residents. A Rentals.ca spring renter survey found 72 per cent of respondents are searching for rentals priced at $2,000 or less, below the national average asking rent, while 70 per cent identified high rental costs as their biggest challenge.

Purpose-built rental apartments continued to outperform other housing types, with asking rents falling 3.1 per cent annually to $2,034. Condo rents dropped 6.8 per cent to $2,058, while houses and townhomes declined 7.4 per cent to $2,017.

The report suggests that while rents remain below year-ago levels across much of the country, the recent string of monthly increases, particularly in larger markets such as Toronto and Ottawa, could signal that Canada’s rental market is beginning to stabilize after an extended period of declines.