April Rental Statistics

Data reflects April 2026 rental market conditions as the spring leasing period becomes more established across Vancouver Island sub-markets. April showed continued activity, but the movement was more selective than March rather than a broad lift across every category.

Seasonal demand is still visible, particularly in practical smaller and mid-sized units where pricing remains close to local affordability thresholds. However, the data also shows that tenants are continuing to compare value closely, especially in larger-format units and detached house product. Studios and one-bedroom units remained active, but performance varied by municipality, with some softer readings appearing in Nanaimo and selected core-area studio product.

Average Rental Rates | April 2026

• Victoria: Studio: $1,570.33 | 1-Bed: $1,983.63 | 2-Bed: $2,408.33 | 3-Bed: $3,148.75 | House: $3,467.00
• Saanich: Studio: $1,647.25 | 1-Bed: $2,007.38 | 2-Bed: $2,380.17 | 3-Bed: $3,250.00 | House: $3,333.00
• Esquimalt/Vic West: Studio: $1,762.00 | 1-Bed: $1,920.29 | 2-Bed: $2,485.57 | 3-Bed: $3,286.25 | House: $3,233.00
• Westshore (Langford/Colwood/View Royal): Studio: $1,729.00 | 1-Bed: $2,053.40 | 2-Bed: $2,539.63 | 3-Bed: $3,138.25 | House: $3,200.00
• Sooke: Studio: $1,450.00 | 1-Bed: $1,850.00 | 2-Bed: $2,400.00 | 3-Bed: $2,750.00 | House: $2,850.00
• Duncan: Studio: $1,400.00 | 1-Bed: $1,865.43 | 2-Bed: $2,066.20 | 3-Bed: $2,399.33 | House: $2,700.00
• Nanaimo: Studio: $1,550.00 | 1-Bed: $1,717.50 | 2-Bed: $2,205.00 | 3-Bed: $2,900.00 | House: $2,900.00

Market Momentum: What’s Changed?

Selective Demand for Small Units

Studios and one-bedroom units remained active, though the lift was more uneven than the broader spring transition seen in March. While Sooke and Saanich one-bedroom units showed firmer movement with increases of 8.8% ($150) and 8.6% ($159.75) respectively, softer readings were noted in Nanaimo and selected core-area studio product.

Resilient Mid-Market Depth

Two-bedroom units continued to provide a stable read on market depth. Core and near-core markets remained relatively resilient, while Sooke saw a stronger monthly improvement of $100 (4.3%) from March to April.

Segmented Family-Sized Inventory

Three-bedroom units and houses remained the most segmented category, reinforcing the need for tighter pricing discipline. Victoria houses strengthened by $167 (5.1%), yet Sooke houses and Nanaimo house averages softened month-over-month, dropping by $300 (9.5%) and $200 (6.5%) respectively.

Strategic Insights

For Owners & Property Managers

April presents an active but selective leasing backdrop where tenants are showing greater selectivity. Owners should maintain evidence-based pricing on well-presented one and two-bedroom units while using tighter micro-market pricing for studios in softer areas. For larger units and houses, avoid relying on broad averages; instead, review competing listings, condition, and amenities like yard space or pet policies before setting rents.

For Investors

Conditions reinforce the importance of sub-market selection and unit-mix strategy. Smaller and mid-sized rental formats continue to provide more stable demand signals. Conversely, larger-format and detached house products should be underwritten with more conservative rent-growth assumptions, as several higher-priced core categories remain below last year’s levels. Focus on perceived value and unit condition remains paramount as these factors continue to matter more than headline rent growth.