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November Rental Statistics

Key Market Metrics

Metric	Latest (around November 2025)	Comparison / Trend
Median rent (all unit types / bedrooms) — as per recent listings	~ CA$ 1,900 / mo	Slight drop (~1% month-over-month), ~2% decline year-over-year. Zumper – Apartments for Rent & Houses
Typical 1-bedroom rent	~ CA$ 1,950	3% up month-over-month; ~6% up vs. previous year (Zumper data). Zumper – Apartments for Rent & Houses
Typical 2-bedroom rent	~ CA$ 2,550	3% up month-over-month; ~6% up vs. previous year. Zumper – Apartments for Rent & Houses
Rental vacancy / availability rate (purpose-built apartments)	~ 2.6% (recent 2025 estimate)	This is higher than the ultra-tight sub-1% market of years past; suggests easing pressure. CMHC+2Victoria BC Rentals+2

What this suggests: Rents remain relatively elevated compared to many other Canadian areas, though rent increases appear to have softened (or even slightly reversed) over the past year. Meanwhile, vacancy appears to be rising toward a more balanced market — though still tight from a historical vantage point.

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🏠 Context & Underlying Trends

• The broader supply of rental housing in Greater Victoria has been rising in recent years as new purpose-built rental units come online — especially in outlying areas / suburbs outside downtown.
• The 2024 year-end market report for Victoria documented a vacancy rate around 2.6%, a marked increase from the historically low (< 1%) vacancy seen earlier in the 2010s — evidence of absorption slowing and more inventory entering the rental market.
• Local demand patterns continue to favour areas with convenience: proximity to amenities, transit, walkability — especially among renters like students, young professionals, and remote workers.
• As an implication for investors: areas with high walkability/amenities (e.g., downtown cores or near transit) still stand out for demand and minimum vacancy risk.

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🔎 What’s Changed This Month (November)

• According to a recent provincial release referencing a national rent-tracking dataset, the average asking rent in B.C. leading the country in declines: overall asking rents reportedly down 9.6% over the past two years, and 5.8% over the past year.
• That broad downward trend hints at pressure on rental prices across B.C. as supply increases and demand growth slows. For renters — possibly a little relief or more bargaining power. For landlords / investors — a signal to watch pricing and vacancy risk.
• Locally, median rent data for Victoria suggests modest downward pressure (or softening growth), with the “all-unit” median being modestly below its peak for some previous years. Zumper – Apartments for Rent & Houses+1

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📌 What This Means for Different Stakeholders

• For renters: Slightly improved prospects — more choices, a bit more flexibility, and less of a bidding-war environment than past years. Inventory is growing, so you may find better deals — especially if open to 2-bedrooms or outside downtown.
• For landlords / investors: It’s not the red-hot markets of years past — but demand remains stable overall. To maximize yields and minimize vacancy risk, focus on well-located units (transit, amenities), and be prepared for modest upward rent negotiation rather than sharp increases.
• For new-build / multi-unit developers: The increase in vacancy suggests absorption is slowing — which may prolong lease-up periods. New supply should be timed carefully, especially if there’s a surge of completions slated soon.
• For renters relocating to the region (e.g. people you might be targeting in your social-media content): Emphasize that while rents remain high compared to many places, the market has stabilized somewhat — meaning more housing stock, and potentially less competitive rental hunts than in prior years.

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🧮 Risks & What to Watch

• The publicly available data (median rents, broad vacancy) doesn’t always capture the variation by neighbourhood, building age, or unit type — which can be wide: downtown vs. suburbs; new-build vs. older; small vs. large.
• Supply-side — more purpose-built rentals coming online could outpace demand growth, especially if migration/population growth slows, leading to potential oversupply or downward pressure on rents.
• Economic conditions (interest rates, employment, migration) — if local economy or demand softens, vacancy could rise further, affecting rent levels and yields.
• Seasonality — winter tends to be slower: fewer renters moving in, lower demand — which may temporarily push vacancy up or slow rent growth.

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✅ Key Takeaways (for November 2025)

• The rental market in Greater Victoria remains active but cooling — vacancy rising toward a more balanced level and rent growth moderating.
• Median rents stay high — particularly for 2-bedrooms — but the pace of increase has slowed, and there may be more opportunity for renters.
• For investors: opportunities remain — especially in well-positioned units — but the market now rewards location, quality, and value, rather than blind optimism.
• For renters and people looking to relocate to Victoria: conditions are arguably a bit more renter-friendly vs. the past few years — still pricey, but not quite as cutthroat.

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🎯 How This Can Inform Your Content / Advice (Given Your Social-Media Focus)

Since you’re encouraging people to relocate to Victoria and find rentals:

• You can highlight that although rents are high, the market has stabilized — less competition, more supply — meaning newcomers may have a better shot than in prior years.
• Emphasize value-based choices: “choose outside downtown for lower rent,” “consider 2-bedroom or shared housing,” or “look for newer purpose-built rentals or townhouse/condo-style rentals.”
• Provide realism: yes, affordability remains a challenge — but the softening trend might give some breathing room, especially for newcomers open to flexibility in location or unit type.
• For potential landlords/investors reading your content: note that demand remains, especially in well-located properties — but rental growth has slowed. So managing expectations (yields, rent growth, vacancy) is important.