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February Rental Statistics

February Rental Statistics

March 4, 2026

As we move through the final stretch of winter, the February rental market across Greater Victoria and Vancouver Island has shown a distinct trend: stability in the core with localized surges in the outlying regions. Data reflects late-winter rental market conditions as leasing activity gradually increases ahead of the spring season.

 

Seasonal demand patterns remain visible across Vancouver Island sub-markets, with renters continuing to prioritize affordability, efficient layouts, and overall value. Pricing behavior remains segmented by unit type, with smaller units maintaining steady demand while larger formats face more selective tenant activity.

 

Average Rental Rates | February 2026

  • Victoria: Studio: $1,524 | 1-Bed: $1,830 | 2-Bed: $2,272 | 3-Bed: $2,924 | House: $3,200

  • Saanich: Studio: $1,573 | 1-Bed: $1,850 | 2-Bed: $2,207 | 3-Bed: $3,094 | House: $3,250

  • Esquimalt/Vic West: Studio: $1,753 | 1-Bed: $1,944 | 2-Bed: $2,420 | 3-Bed: $3,371 | House: $3,200

  • Westshore: Studio: $1,703 | 1-Bed: $1,981 | 2-Bed: $2,334 | 3-Bed: $2,960 | House: $3,300

  • Sooke: Studio: $1,450 | 1-Bed: $1,750 | 2-Bed: $2,200 | 3-Bed: $2,650 | House: $3,000

  • Duncan: Studio: $1,325 | 1-Bed: $1,715 | 2-Bed: $1,989 | 3-Bed: $2,337 | House: $2,750

  • Nanaimo: Studio: $1,590 | 1-Bed: $1,993 | 2-Bed: $2,368 | 3-Bed: $2,648 | House: $2,900

Market Momentum: What’s Changed?

Month-over-month movements from January 2026 to February 2026 show continued stability across most markets. Year-over-year comparisons against February 2025 continue to show a moderated growth environment.

 

  • Compact Resilience: Studios and one-bedroom units continue to demonstrate resilience due to affordability and mobility-driven demand.

     

  • Balanced Mid-Market: Two-bedroom units are showing balanced performance. Well-priced listings continue to lease within typical marketing periods while higher priced inventory remains more negotiable.

     

  • Price Sensitivity: Three-bedroom units and houses continue to experience the most price sensitivity. Tenants in this segment are comparing multiple listings and negotiating on price or delaying moves where possible.

     

     

Strategic Insights

For Owners & Property Managers: Owners should continue prioritizing tenant retention and balanced pricing strategies. We recommend maintaining competitive pricing as spring leasing activity begins to accelerate and focusing incentives on slower-moving family-sized inventory. Highlighting unit condition, upgrades, and operational efficiency is key to protecting occupancy levels.

 

For Investors: Current market conditions reinforce the importance of disciplined underwriting. Investors should focus on asset quality, operational efficiency, and long-term demand fundamentals across Vancouver Island sub-markets. February remains an important stabilization period ahead of the traditionally stronger spring leasing months.