Victoria’s Average Rents will Rise

CMHC predicts the average rents in Victoria will increase, due in part to the turnover of tenants living in older apartments. The average rents in downtown Victoria are currently well below the price paid by new entrants to the market. As older units turn over, rents will be increased to reflect new entry level prices. As the lower end of the price distribution catches up to current market realities, the overall rent average will increase. It might be time to consider making the move from renter to owner over the next few years. Call me to get your process started.

Reference: https://www.timescolonist.com/real-estate/victoria-home-price-growth-to-cool-over-next-two-years-forecast-1.23488852