Victoria Renters Have Motive to Be Optimistic as Rents Fall – Vancouver Island Free Each day

A Canadian rental analyst believes that Victoria will become a little more affordable.

According to PadMapper, the rent for an average one-room apartment fell 3.8 percent to $ 1,540 a month in April. The cost of a two-bedroom bedroom decreased 1.5 percent to $ 1,970 in April.

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Due to the decline, Victoria ranks fifth among the most populous metropolitan areas in Canada, one place behind Barrie, Ontario. Vancouver’s $ 1,900 average one-bedroom rent is the most expensive in the country, followed by Toronto at $ 1,750.

“For the first time since January 2020, one-bedroom rents in both Vancouver and Toronto were constant on a monthly basis. (Although the rental prices were still in the double digits year-on-year.) ”, Says PadMapper. “These flat rates could be the result of a recent exodus of tenants who have never lived in these expensive cities but wanted to take advantage of the cheap rents and unprecedented move-in offers. These new tenants, who move in, balance the overall demand, so that we no longer see the trend of a steady decline in rental prices. “

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Doug King, executive director of the Together Against Poverty Society in Victoria, said the drop in rental rates is the kind of news they have been waiting for.

“This is the first sign that rents will fall as a result of (rising vacancies),” he said. “Hopefully this is the height of the wave and a sign that the NDP (government) actions may begin to pay off.”

King said the group is still waiting for the latest figures from Canada Mortgage and Housing Corporation and needs to determine whether the slight drop in interest rates was due to the pandemic or the recent surge in Victoria’s rental portfolio.

“These rental buildings will help ease pressure on other parts of the market,” he said, adding that those on low incomes or those who have rented their current homes for a number of years will still struggle to find affordable housing .

“For people with income support due to a disability, the rent is so high that it would be difficult for them to enter the private market and continue to need government support.”

King said that is why renewal is such an important issue and more needs to be done to ensure safeguards are in place.

According to PadMapper, Quebec City has the lowest rents of any major Canadian city, with a one-bedroom price of $ 790.

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