Victoria’s rental market could be showing signs of cooling, according to a report by an apartment rental listing website.
According to Pad Mapper, a rental listings service that plots locations on a map, the median price of Victoria’s one-bedroom apartments fell 4.7 per cent in December to $1,210, although we’re still the fifth-most expensive city in which to rent in the country.
Median rents for a one-bedroom unit in Vancouver, listed as most expensive Canadian city, also dropped, 4.3 per cent to $1,990 for one-bedroom units, and 3.1 per cent to $3,100 for two-bedroom suites.
Year-over-year, however, rents jumped more than 10 per cent in six of the top 10 markets, with the largest spikes seen in the top four cities. Toronto ranked second highest at $1,970 for a one bedroom, while Barrie, Ont. and Montreal tied for third at $1,270 for the same housing type.
Rental prices in Kitchener, St. Catherines and Quebec City also increased on average, while those in Hamilton, Kingston and Saskatoon dropped.