Rents in Greater Victoria continue to rise and some local rental listings are being accused of shrinkflation.
A Black Press Media reader called to complain about a Saanich rental listing for a “micro suite” that is just 200 square feet, but is charging $1,100 a month.
“It’s a damn shoebox, but the price is closed to what is charged for much-larger suites,” said the caller.
The listing on Craigslist does include heat, hydro, water wi-fi and has shared laundry, plus windows on each side, although they are small. The kitchen is extremely narrow.
“Ceiling height is 82 inches (just under 7 feet),” says the listing. “No access/use of yard. Due to small space, only a single bed or small futon bed will fit.”
This comes as a new list shows just how expensive Greater Victoria rents are.
For the sixth month in a row, average asking rents in Canada hit a new high, averaging $2,178 according to Rentals.ca and Urbanation’s latest National Rent Report. Over the past six months, average rents increased by 8.8%, equivalent to $175 per month.
Victoria came in 11th on the list for average monthly rent in October for a one-bedroom at $2,109 and $2,836 for a two-bedroom.
Vancouver tops the list of 35 cities for average monthly rent. In October average monthly rent in the city for a one-bedroom was $2,872, and average monthly rent for a two-bedroom was $3,777. Year over year, average monthly rent in October for a one-bedroom in Vancouver was up 6.7 per cent and up 5.5 per cent for a two-bedroom.
Burnaby finished second on the list of 35 cities for average monthly rent in October for a one-bedroom home at $2,647 and for average rent for a two-bedroom home at $3,341. Year over year, average monthly rent in October for a one-bedroom in Burnaby was up 16.1 per cent and up 14.3 per cent for a two-bedroom.
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In October, the annual rate of rent growth in Canada stood at 9.9%, a modest slowing from the 11.1% annual pace in September. However, it marked the second-fastest annual increase over the past seven months. Additionally, average asking rents experienced a 1.4% month-over-month increase in October, showing somewhat slower growth than the monthly gains of 1.5% in September and 1.8% in August. This deceleration can be attributed to seasonal factors influencing the rental market.
“While headline rent inflation for Canada continued to run hot in October, the slowing of rents in cities such as Toronto and Vancouver was significant, showing that affordability challenges are causing renters to shift into less expensive markets,” said Shaun Hildebrand, president of Urbanation, in a statement.
For the first time, two-bedroom apartment rents surpassed $2,300 in October, registering at $2,311. One-bedroom apartments experienced the fastest annual growth, with rents increasing by 14.1%. With an average of $1,538, studio apartment asking rents rose by 12.0% compared to a year ago, while three-bedroom apartment rents increased annually by 8.9% to reach an average of $2,532.