Rental Prices in Victoria and Nanaimo Decline, Following National Trend

Average rental prices in both Victoria and Nanaimo have experienced a year-over-year decline, aligning with a broader national trend in Canada. According to a report released by Rentals.ca and Urbanation, the average rent across the country fell by 2.3 percent in August 2024, marking the 11th consecutive month of decreasing rents.

In August, the national average rent stood at $2,137. The report indicates that this decline represents the longest period of falling rents since the onset of the COVID-19 pandemic, which saw annual decreases for fifteen consecutive months. The year-over-year decline of 2.3 percent in August was notably less than the 3.7 percent decrease recorded in July, making it the smallest annual decline since November 2024. Despite the drop, rents remain 1.0 percent higher than they were two years ago, in August 2023.

Regional Breakdown of Rent Changes

British Columbia and Alberta reported the second-highest average decline in rents at 3 percent, trailing behind Atlantic Canada, which saw a 4 percent decrease. In contrast, Ontario experienced a 2 percent drop, while Quebec maintained stable rent prices. Notably, Manitoba and Saskatchewan were the only provinces to witness increases in rental prices, with gains of 1 percent and 3 percent, respectively.

In Victoria, rental prices across all unit sizes fell by an average of 3 percent, bringing the average rent to $2,314. One-bedroom units decreased by 5 percent to $2,065, while two-bedroom units saw a 6 percent decrease, now averaging $2,690. This positions Victoria as the sixth-most expensive rental market out of 25 Canadian cities.

Trends in Nanaimo Rentals

The rental market in Nanaimo presents a mixed picture. Prices for one-bedroom units rose slightly by 0.9 percent, reaching $1,892. Conversely, rents for two-bedroom units dropped significantly, falling by 8.1 percent to $2,269. The report did not provide comprehensive totals for all unit sizes in Nanaimo, reflecting a nuanced local rental landscape.

The current trends in Victoria and Nanaimo highlight the evolving nature of the rental market across Canada. As conditions fluctuate, both landlords and tenants are adapting to the shifting prices, showcasing the dynamic nature of the housing sector in these regions.