As we move toward the end of summer, the August 2026 rental market across Vancouver Island continues to show a mix of stability, selective growth, and increased competition between properties.

Our latest market analysis reviewed 186 verified rental listings across seven Vancouver Island market areas, making it the largest monthly dataset in this series to date. Listings were collected from a range of major rental platforms, including Zumper, PadMapper, Rentals.ca, Apartments.com, RentCafe, Craigslist, Kijiji, and direct property management listings. The data was individually reviewed and screened, with current listings also cross-referenced against the live market in late August.

It is important to note that these figures represent asking rents, rather than achieved or contracted rents, and should be viewed as market indicators rather than formal rental appraisals. Larger homes and three-bedroom properties are also naturally more difficult to capture because many are rented through private or off-market channels.

Location-Wise Market Summary – August 2026

*Lower-confidence figures based on a smaller number of verified listings. These should be treated as indicative rather than precise market benchmarks.

Victoria

Victoria’s rental market showed some interesting movement in August. Studio rents softened to an average of $1,597, while the two-bedroom segment strengthened considerably, reaching an average asking rent of $2,597.

The two-bedroom market was one of the clearest areas of strengthening this month, increasing 5.9% month-over-month and 11.2% year-over-year based on a high-confidence sample of eight listings.

One-bedroom units averaged $1,930, while three-bedroom properties averaged $3,111. Houses averaged $3,688, although the house sample was smaller and should therefore be viewed directionally.

Overall, Victoria’s smaller and mid-sized rental segments remain well supported, with the two-bedroom market standing out as the strongest area of movement this month.

Saanich

Saanich presented a relatively stable picture in August, particularly for its core one- and two-bedroom rental segments.

One-bedroom units averaged $1,976, while two-bedroom units averaged $2,467. Both segments were supported by high-confidence samples and were essentially flat month-over-month, indicating a relatively stable market.

Three-bedroom units averaged $3,060, although the sample was smaller. The house figure of $3,200 was based on only one verified listing and should not be treated as a reliable market benchmark.

For owners in Saanich, competitive pricing remains important, particularly as tenants continue to have a range of options across the region.

Esquimalt & Vic West

Esquimalt and Vic West recorded one of the strongest one-bedroom rental markets in the August dataset.

With 14 verified one-bedroom listings, the average asking rent reached $2,045, making this the deepest one-bedroom sample across all markets reviewed.

Two-bedroom units averaged $2,560, representing a 6.6% month-over-month increase. The report notes that this movement is consistent with the premium associated with newer purpose-built rental supply entering the market.

Three-bedroom properties averaged $3,353, while the house sample was too small to provide a dependable benchmark.

The continued introduction of newer rental buildings is an important factor to watch in this market, as newer properties can command a premium and influence the broader competitive landscape.

Langford, Colwood & View Royal

The West Shore continues to stand out as one of the more active areas of the Vancouver Island rental market.

In August, three-bedroom rentals averaged $3,049, representing a 5.3% month-over-month increase and a 5.2% year-over-year increase. This was identified in the report as one of the clearest genuine growth signals in the dataset.

Two-bedroom units averaged $2,500, while one-bedroom units averaged $1,964.

The West Shore also recorded the highest average house rent in the August analysis at $3,908, supported by a verified live-market range of approximately $3,400 to $4,200.

Overall, the Langford, Colwood and View Royal market remains one of the most closely calibrated areas in the analysis, with the collected data aligning well with current live listings.

Sooke

Sooke continues to be the thinnest rental market in the August dataset, with only six verified listings.

One-bedroom units averaged $1,463, while two-bedroom units averaged $2,000. However, both figures are based on very small samples and should be treated as indicative only.

Three-bedroom listings were not included in the counted dataset, although live three-bedroom upper suites in the area were observed in the $2,850–$3,150 range.

Houses provided the strongest sample in Sooke, with three verified listings averaging $3,200 and a median of $3,150.

Because of the limited number of publicly advertised properties, Sooke’s monthly averages can move significantly depending on which properties happen to be available at the time of collection.

Duncan & North Cowichan

Duncan and North Cowichan continued to show a stable rental environment, particularly in the one- and two-bedroom segments.

One-bedroom units averaged $1,781, based on 12 verified listings, while two-bedroom units averaged $2,037, based on 15 listings. Both segments received high-confidence ratings and continue to show steady annual growth.

Three-bedroom rentals averaged $2,399.

Interestingly, no house listings remained available through the end of the month’s collection period. Two verified houses advertised during August at approximately $3,400 and $3,500 were rented before the collection closed. While this prevents a house average from being calculated, the quick leasing activity provides a useful indication of demand for this type of property.

Overall, Duncan’s one- and two-bedroom segments remain among the better-supported markets in the August analysis.

Nanaimo

Nanaimo continues to show a well-supplied and relatively stable apartment market.

One-bedroom units averaged $1,882, while two-bedroom units averaged $2,246, with both segments supported by high-confidence samples. Three-bedroom rentals averaged $2,761.

August also marked the first month in this analysis where three whole-house listings in Nanaimo were individually verified. The average asking rent was $2,942, sitting comfortably within the verified live-market range of approximately $2,800 to $3,250.

The one- and two-bedroom segments remained essentially flat, suggesting a stable market with a healthy supply of available apartments.

What Does This Mean for Property Owners?

The August data highlights an important shift in the Vancouver Island rental market: pricing is becoming increasingly property-specific.

While some segments are showing genuine growth, particularly two-bedroom properties in Victoria and Esquimalt/Vic West and family-sized properties on the West Shore, tenants continue to have meaningful choice across many apartment categories.

For property owners, this makes accurate pricing more important than ever. An asking rent that is noticeably above comparable properties can result in longer marketing periods, while a well-presented property priced appropriately for its location and condition can remain competitive.

Strong presentation also continues to matter. Professional photography, thoughtful listing descriptions, accurate pricing, and effective online exposure can help a property stand out in a market where tenants have multiple options.

The August analysis specifically recommends holding pricing on well-presented two-bedroom inventory in Victoria and Esquimalt/Vic West, while continuing to monitor detached houses against verified local comparables. The West Shore’s three-bedroom and house segments are showing the most consistent growth and warrant particular attention from owners and investors.

Looking Ahead

As we move from the peak summer leasing season into fall, rental demand and tenant behaviour will be important factors to monitor.

The August numbers suggest that Vancouver Island’s rental market is not moving uniformly in one direction. Instead, performance varies significantly by location, property type, building quality, and available competition.

For property owners, staying informed about current comparable listings is essential when determining rental rates, preparing a property for market, or evaluating investment performance.

At Pemberton Holmes Property Management, our local market knowledge and hands-on experience across Vancouver Island help property owners make informed decisions based on current rental conditions.

Whether you own a condominium, townhouse, single-family home, or multi-unit investment property, our team can help you understand where your property fits within today’s rental market.

About the August 2026 Data

The August analysis included 186 verified listings across seven market areas. Listings were individually reviewed and categorized by property type and bedroom count, with outliers screened during the collection process. Current figures were also cross-referenced against live listings in late August 2026.

All figures represent advertised asking rents and are intended for informational and decision-support purposes only. They are not formal rental appraisals and should not be interpreted as guaranteed achievable rents.