Victoria tenants have cause to be optimistic as rents fall – Saanich Information

Canadian rental analyst sees Victoria getting a little bit extra reasonably priced.

In accordance with PadMapper, lease for the common one-bedroom residence fell 3.8% in April to $ 1,540 monthly. The price of a two-bedroom fell 1.5% to $ 1,970 in April.

The drop in Place Victoria rents fifth among the many most populous metropolitan areas in Canada, rating one place behind Barrie, Ontario. Vancouver’s rents of $ 1,900 for a mean one-bedroom room are the costliest within the nation, adopted by Toronto at $ 1,750.

“For the primary time since January 2020, one-bedroom rents in Vancouver and Toronto had been steady on a month-to-month foundation. (Though rental costs had been nonetheless down in double digits yr over yr.), ”In accordance with PadMapper. “These packages could also be the results of a latest migration of tenants who’ve by no means lived in these costly cities however wished to benefit from a budget lease and particular move-in offers presently out there. The arrival of those new tenants is leveling combination demand in order that we now not see the continued downward pattern in rental costs. “

Doug King, government director of the Collectively In opposition to Poverty Society in Victoria, stated the drop in rental charges was the sort of information they anticipated.

“That is the primary indication that rents will begin to decline because of (rising emptiness charges),” he stated. “Hopefully that is the highest of the wave and an indication that the measures taken by the NDP (authorities) could also be beginning to bear fruit.”

King stated the group continues to be awaiting the newest figures from the Canada Mortgage and Housing Company and should decide whether or not the slight drop in charges is as a result of pandemic or the latest enhance in rental inventory in Victoria.

“These rental properties will assist relieve a number of the stress on different components of the market,” he stated, including that folks on low incomes or who’ve been renting their present house for a number of years will nonetheless have a tough time discovering it. discover reasonably priced housing. .

“For individuals on Incapacity Earnings Help, the lease is so excessive that they’d have problem coming into the non-public market and can proceed to depend upon authorities help.

King stated that is why renovations are such a giant problem and extra must be finished to ensure the protections are in place.

In accordance with PadMapper, Quebec has the bottom rents of any main Canadian metropolis, with a bed room at $ 790.

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