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Victoria Rental Market Update - Feb 1, 2017

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Victoria Rental Market Update – Feb 1, 2017

0% vacancy continues in Victoria, as tenants continue to face upward trending rents. Typical tenants profiles continue to be students and young professionals. Also, many buyers are being priced out of the market and forced to continue renting.

Landlord BC launched it’s landlord registry on Jan 18 of this year. It is described as a tool for tenants to be able to verify that landlords know the basics of the Residential Tenancy Act, and therefore “professionalizing” the rental industry. From the Landlord BC website:

Upon successful completion of the e-learning program, you will receive an I Rent It Right™ certificate and the right to be listed on the Landlord Registry, demonstrating your commitment to providing secure, professional rental housing.

When markets are hot as they are in Victoria, a registry will likely be little clout for tenants, as it’s currently clearly a landlords market. However, when the market changes and tenants aren’t competing for housing so fiercely, the registry may become more important for landlords to join (or to use a a licensed property management company).

For more information, go to:

Current rents:
Downtown 2 beds – $2200, 3 beds – $2600
Suburban 2 beds – $1900, 3 beds – $2400
Single Family Homes – Average $3100

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Posted by:
Derek Kaufman

Posted on:
February 1st, 2017

Posted in: