March 2026 Rental Statistics | Vancouver Island

Data reflects early-spring rental market conditions as leasing activity strengthens across Vancouver Island sub-markets. March showed broader upward movement than February.

Seasonal demand is becoming more visible, particularly in well-positioned smaller and mid-sized units, while pricing performance continues to vary by municipality and unit type. Studios and one-bedroom units continue to attract steady demand, especially where pricing remains aligned with local affordability thresholds.

Victoria, Saanich, and select Westshore product showed firmer movement, while some softer readings appeared in Sooke and Nanaimo for smaller formats.

Average Rental Rates | March 2026

• Victoria: Studio: $\$1,625$ | 1-Bed: $\$1,931$ | 2-Bed: $\$2,429$ | 3-Bed: $\$3,119$ | House: $\$3,300$

• Saanich: Studio: $\$1,740$ | 1-Bed: $\$1,848$ | 2-Bed: $\$2,328$ | 3-Bed: $\$3,272$ | House: $\$3,350$

• Esquimalt/Vic West: Studio: $\$1,703$ | 1-Bed: $\$1,982$ | 2-Bed: $\$2,586$ | 3-Bed: $\$3,516$ | House: $\$3,200$

• Westshore: Studio: $\$1,751$ | 1-Bed: $\$ 1,998$ | 2-Bed: $\$2,489$ | 3-Bed: $\$3,060$ | House: $\$3,250$

• Sooke: Studio: $\$1,400$ | 1-Bed: $\$1,700$ | 2-Bed: $\$2,300$ | 3-Bed: $\$2,700$ | House: $\$3,150$

• Duncan: Studio: $\$1,400$ | 1-Bed: $\$1,967$ | 2-Bed: $\$2,048$ | 3-Bed: $\$2,400$ | House: $\$2,800$

• Nanaimo: Studio: $\$1,611$ | 1-Bed: $\$1,750$ | 2-Bed: $\$2,208$ | 3-Bed: $\$2,950$ | House: $\$3,100$

Market Momentum: What’s Changed?

Compact Resilience

Studios and one-bedroom units continue to demonstrate resilience due to affordability and mobility-driven demand. These smaller formats remain the “bread and butter” of the market, particularly in urban cores like Victoria and Saanich where proximity to work and amenities is highly valued.

Constructive Patterns in Mid-Market

Two-bedroom units posted one of the more constructive patterns this month. Core and near-core markets generally moved upward, supporting the view that quality two-bedroom inventory remains a practical target for couples, roommates, and small households entering the spring market.

Segmented Outlook for Houses

Three-bedroom units and houses remained the most segmented category. While some areas recorded meaningful gains, larger-format tenants continue to compare value closely. Pricing discipline, presentation quality, and market-specific positioning remain critical for family-sized inventory as tenants in this segment are highly selective.

Strategic Insights

For Owners & Property Managers

March presents a more active leasing backdrop than February, but results remain market-specific. Owners are best served by pairing seasonal optimism with realistic pricing, strong unit presentation, and retention-focused decision-making where existing tenancy performance remains stable. Monitoring softer sub-markets closely, including Nanaimo and select Sooke smaller-unit inventory, is recommended to reduce unnecessary days on market.

For Investors

March conditions reinforce the importance of sub-market selection and unit-mix strategy. Investors should continue focusing on durable demand segments such as smaller and mid-sized units, while underwriting family-sized and house product with more conservative rent-growth expectations where recent annual comparisons remain soft. Focus on asset quality and operational efficiency remains paramount as the spring market accelerates.