Rental Reversal: After some easing, Victoria’s rental vacancy rate plunges to an all-time low

If you’re looking to rent in Victoria, be prepared to pay more and have fewer options. After, a slight easing last year, the city’s rental vacancy rate has plunged to an all-time low as the supply of new housing lags behind the growing demand.

The COVID-19 pandemic’s impact on Greater Victoria’s rental vacancy rates were short lived as within-Canada migration to the southern part of the Island continued relatively unabated due to the region having one of the lowest unemployment rates in Canada and having successfully navigated the worst of the pandemic. The issue is expected to be compounded as public health restrictions in B.C. ease, tourism resumes and post-secondary students return to in-person learning.

At TLA Developments, we strive to keep our project pricing attainable so homeownership can be a reality for more people.

The long-term situation doesn’t seem to offer much relief. Statistics Canada has indicated the Greater Victoria region could see up to 25,000 new people moving to the area from other parts of Canada by 2024; however, only 6,000 to 6,500 new rentals units are planned for the same time period, according to Citified’s construction tracking.

As rental vacancies decrease, rents are headed in the opposite direction. Rental.ca has reported for May 2021 that area rents increased to an average of $1,640 for a one-bedroom apartment. This is an increase of 7.7 per cent from 2020.

At TLA Developments, we strive to keep our project pricing attainable so homeownership can be a reality for more people. If you’re looking to get out of the rental market and into your own home, consider Skyeview in the heart of View Royal, with prices starting at $450,000. Visit Skyeview.ca for more information.