December Rental Statistics
December Rental Statistics
January 5, 2026
Welcome to our December 2025 rental market update. As we close out the year, the Greater Victoria rental landscape reflects a typical seasonal cooling combined with the impact of new inventory. While some segments remain resilient—particularly compact units in core and emerging areas—other categories are seeing a shift toward a more tenant-friendly environment.
Key Market Metrics (December 2025)
| Region | Studio | 1-Bedroom | 2-Bedroom | 3-Bedroom | Houses |
| Victoria | $1,603 | $2,038.86 | $2,449.13 | $2,849.33 | $3,150 |
| Saanich | $1,604.33 | $1,884.38 | $2,320.80 | $3,108.25 | $3,200 |
| Esquimalt / Vic West | $1,742.33 | $2,094.60 | $2,249.80 | $3,278.33 | $3,275 |
| Westshore | $1,636.25 | $1,880.71 | $2,485.63 | $3,069.57 | $3,200 |
| Sooke | N/A | $1,900 | $1,916.67 | N/A | $2,700 |
| Duncan | $1,550 | $1,765.33 | $1,954.40 | N/A | N/A |
What This Suggests
The data indicates a cooling trend compared to December of last year, with year-over-year easing observed across most unit types in Victoria. While entry-level pricing for smaller units remains competitive in certain areas, larger family units—specifically 3-bedroom suites in Victoria—have softened, providing more choices for renters in that segment.
What’s Changed This Month (December)
Victoria: Mid-sized units (1 and 2-bedrooms) remained firm with overall rent increases, while 3-bedroom inventory saw a month-over-month decrease.
Saanich: Broad-based easing was noted across most categories, consistent with seasonal year-end normalization.
Westshore: This region (Langford, Colwood, View Royal) continues to absorb new supply, leading to month-over-month easing and more competitive inventory conditions.
Esquimalt/Vic West: Small units like studios and 1-bedrooms strengthened, while 2-bedroom rents softened.
Duncan: Defied the cooling trend in smaller formats, with studio, 1-bedroom, and 2-bedroom units showing continued strength due to affordability-driven demand.
What This Means for Different Stakeholders
For Renters: The year-end market offers slightly more leverage, especially for those looking for 3-bedroom units in Victoria. In the Westshore, look for time-limited incentives as landlords work to maintain occupancy in a competitive market.
For Owners: Retention should be a priority. In areas like Victoria and Saanich, disciplined renewal plans are recommended to protect against seasonal softening. In Westshore or Sooke, consider modest, targeted concessions over permanent rent reductions to protect long-term income.
For Investors: Core markets like Victoria and Saanich remain central but require conservative underwriting on rent growth due to cooler year-over-year pricing. Resilience in smaller unit formats in Duncan and Esquimalt suggests these are strong areas for unit-mix stability.
Key Takeaways
Market Easing: The Greater Victoria rental market is generally cooler than it was 12 months ago.
Compact Unit Strength: Small, affordable formats in Duncan and Esquimalt are showing resilience compared to larger units.
Incentives are Back: Landlords in high-supply areas like the Westshore are encouraged to use targeted incentives to stay competitive.
Value is King: In softening markets like Sooke, highlighting value-adds such as parking and in-suite laundry is essential for maintaining competitiveness.