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Victoria Market Update - Nov 1, 2016

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Victoria Market Update – Nov 1, 2016

Vacancy rates in Greater Victoria remains at or close to zero and rents continue to increase.   The Victoria City is considering action on Airbnb (short-term) rentals, with an estimated 300 units that could be in the rental housing pool of approximately 27,000 units. The City voted to fast track all rental development applications in June to help release new housing stock.
As for construction of new rental units, that business is booming in Greater Victoria. The area has approximately 51,000 rental units in the pool, and another 2,573 are either planned or in construction.
We expect the new rental units coming online to be quickly absorbed and not to have significant affect on the rental market as a whole.
Current asking rents:
Downtown – 1 bed $1,475; 2 bed $2,100
Suburban – 1 bed $1,000 2 bed $1,500

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Posted by:
Derek Kaufman

Posted on:
November 1st, 2016

Posted in: