While Victoria remains one of the most expensive cities in the country to call home, those costs have gone down in recent months.
According to PadMapper, the cost of a one-bedroom in Victoria is $1,570, down from the $1,600 seen last summer. Victoria’s median one-bedroom rent prices rank fifth in the country, behind Vancouver ($1,940), Toronto ($1,770), Burnaby ($1,680) and Barrie, Ont. ($1,650). Victoria’s median rent is down 2.5 per cent for one-bedrooms, while the cost of a two-bedroom has decreased 0.5 per cent to $1,990.
The COVID-pandemic has seen a reduction in rent prices across the country, with Vancouver rents hitting their lowest level in nearly four years.
“It seems the continuous rent price declines from renter migration out of Canada’s two most expensive rental markets have not stopped, even as COVID-19 vaccines have begun to roll out,” according to PadMapper.
Greater Victoria residents who have been dealt a financial blow from the pandemic also have a new resource at their disposal.
The Community Social Planning Council of Greater Victoria, in partnership with the B.C. Rent Bank, is offering short-term financial assistance in the form of interest-free loans for eligible renters in low- to moderate-income households.
Designed as a cushion for people who have the ability to repay the loan in six to 24 months, the money can be used for current or overdue rent, utilities or security deposits and first month’s rent to secure housing.
“Our recent research has shown the extent of housing insecurity in the region and how vulnerable households were when COVID-19 hit,” community council executive director Diana Gibson said in a release.
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