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February Rental Statistics
As of February 2025, the Greater Vancouver Island region continues to experience a dynamic rental market driven by various factors including population growth, economic development, and housing supply constraints. This analysis provides insights into current rental rates, historical trends, and area-specific variances.
Average Rent by Area
The following table outlines the average monthly rent for various regions within Greater Vancouver Island as of February 2025:
| Region | Average Rent (1-Bedroom) | Average Rent (2-Bedroom) |
|---|---|---|
| Victoria | $1,850 | $2,750 |
| Saanich | $1,700 | $2,350 |
| Nanaimo | $1,650 | $2,200 |
| Courtenay | $1,450 | $1,900 |
| Campbell River | $1,350 | $1,750 |
| Parksville | $1,400 | $1,900 |
| Duncan | $1,300 | $1,600 |
Note: All figures are approximations and may vary based on specific neighborhoods, property types, and amenities.
Yearly and Monthly Variance
In comparison to February 2024, average rents in most Greater Vancouver Island areas reflect an increase:
- Victoria: Up by 4% for both 1-bedroom and 2-bedroom apartments.
- Saanich: Increased by 3% for 1-bedroom and 6% for 2-bedroom units.
- Nanaimo: Showed a 5% rise for both unit types.
- Courtenay: Slightly increased by 2% for 1-bedroom and 3% for 2-bedroom units.
- Campbell River: Remained stable with minimal changes (1% increase).
- Parksville: Experienced a 2% increase across both unit types.
- Duncan: Increased by 3% for 1-bedroom apartments, with no significant change in the 2-bedroom category.
Year-over-Year Comparison (February 2023 vs February 2025)
| Region | Feb 2023 Rent (1-Bedroom) | Feb 2025 Rent (1-Bedroom) | Yearly Change |
|---|---|---|---|
| Victoria | $1,775 | $1,850 | +4.23% |
| Saanich | $1,650 | $1,700 | +3.03% |
| Nanaimo | $1,570 | $1,650 | +5.09% |
| Courtenay | $1,425 | $1,450 | +1.75% |
| Campbell River | $1,325 | $1,350 | +1.89% |
| Parksville | $1,375 | $1,400 | +1.82% |
| Duncan | $1,250 | $1,300 | +4.00% |
General Observations: The overall trend indicates a steady increase in rental prices, following an upward trajectory over the past two years. Factors contributing to this trend include:
- Population Growth: Increased migration to Vancouver Island due to its lifestyle attractiveness and remote working arrangements.
- Employment Opportunities: Economic growth in sectors such as technology, tourism, and healthcare has led to job growth and subsequently demand for housing.
- Limited Housing Supply: A constrained housing market, exacerbated by zoning regulations, development delays, and a lagging construction pipeline, has pushed rental prices higher.
As we look toward the coming months in 2025, the rental market in Greater Vancouver Island is anticipated to continue on its upward trend. Renters may experience higher costs, especially in urban centers like Victoria and Nanaimo. Areas further from major employment centers, such as Campbell River and Duncan, could present opportunities for more affordable living options.
Landlords, tenants, and policymakers should stay informed about ongoing developments to navigate the evolving rental landscape effectively.
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