Given the strong demand fundamentals that continue to dominate Greater Victoria’s rental housing sector, downward pressure on vacancy rates continue to exert upward pressure on rental rates.
- Institutional investors and REITS showed increased investor interest in Greater Victoria through 2019 with apartment sales at a high of $500M with increased demand for newly built product.
- The Greater Victoria rental vacancy rate sits below 2% for the sixth consecutive year.
- Average rental rates increased by 3.4% from $1,170 per month in 2018 to $1,221 in 2019.