Victoria rental rate eases for post-secondary students in search of housing

According to the most recent numbers from a spring 2011 survey, rents have risen slightly – up 1.2 per cent from April 2010 to 2011, when the provincial average rose 1.5 per cent. The average cost of one and two bedroom apartments in Greater Victoria are $796 and $1,024, respectively.

Students on the hunt for housing this fall might have a little easier time finding an apartment than before.

“The past couple of years we’ve seen vacancy rates a little higher than they have been over the past four or five years,” said Travis Archibald, senior market analyst for the Canadian Mortgage and Housing Corporation. “Even though they’ve gone up, they’re still quite low compared to other major centres across the country. There’s still strong demand for rental accommodation in Victoria.”

Total apartment vacancy rose 0.1 per cent from 1.4 to 1.5 between the fall of 2009 and 2010. The average across 35 major centres in Canada last year was 2.6 per cent.

“When prices adjusted and mortgage rates were so low, we saw a lot of people make the move from renting to purchasing, so that freed up some of the rental stock,” Archibald added.

According to the most recent numbers from a spring 2011 survey, rents have risen slightly – up 1.2 per cent from April 2010 to 2011, when the provincial average rose 1.5 per cent. The average cost of one and two bedroom apartments in Greater Victoria are $796 and $1,024, respectively.

The CMHC survey looks at purpose-built rental stock, not privately rented suites.

nnorth@saanichnews.com

Just Posted

Victoria woman, 76, challenges alcohol-screening laws after failing to give breath sample

Norma McLeod was unable to provide a sample because of her medical conditions

Victoria council looks to self-impose carbon tax on staff airfare

A new carbon pricing fee would put additional funds into the city’s Climate Action Reserve

Gas stations could push to 167.9 cents a litre this week

Analyst says high prices are due to supply and demand

United Way celebrates volunteers, contributors in Greater Victoria area

$4.7 million was raised in 2018 thanks to the work of hundreds of people

Police charge 27-year-old man with weapons offences after Langford shooting

Justin Lemmen was arrested shortly after the shooting after crashing into a truck

WATCH: Cougar saunters through Metchosin yard

Spring cougar sighting caught on camera

Wanted by Crime Stoppers

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you think the Notre Dame Cathedral in Paris should be rebuilt?

Images of one of the word’s most iconic landmarks were seared into… Continue reading

‘B.C. cannot wait for action’: Top doctor urges province to decriminalize illicit drugs

Dr. Bonnie Henry says current approach in ‘war on drugs’ has criminalized and stigmatized drug users

New report on 2017 wildfires calls for better coordination with B.C. First Nations

Tsilhqot’in National Government documents 2017 disaster and lists 33 calls to action

B.C. youth coach banned amid sexual harassment, bullying scandal: Water Polo Canada

Justin Mitchell can’t take part in Water Polo Canada events or clubs

Wilson-Raybould: Feds want to just ‘manage the problem’ of Indigenous Peoples

Former federal justice minister speaks at First Nations Justice Council meeting in B.C.

Island Cup set for East Sooke on May 3-5

Off-road racing event expected to attract over 50 racers

Female real estate agents warned of suspicious man in Metro Vancouver

The man requests to see homes alone with the female agent, police say

Most Read