January Rental Statistics
Residential Rental Market Update: January 2026
The January data reflects early-year rental market conditions following year-end normalization. Seasonal demand patterns, post-holiday leasing activity, and competitive inventory positioning continue to shape pricing behavior, which has become more cautious and segmented by unit type.
Currently, renters are more price-sensitive and are taking longer to make decisions. Landlord leverage is mixed, with stronger positioning for smaller units and softer conditions for larger family-sized units.
The Big Picture: January 2026
Stable-to-moderate demand across locations, following December adjustments. Pricing trends suggest continued tenant sensitivity to value, layout efficiency, and overall unit quality.
- Studios and 1-bedroom units continue to show relative resilience. These units benefit from affordability and mobility-driven demand, and leasing activity remains steady, though pricing power is more limited than during peak seasons.
- Two-bedroom units are showing mixed performance. Well-priced units are leasing, while units priced above market are experiencing longer vacancy periods.
- Three-bedroom units and houses are facing the most pressure. Higher asking rents are meeting increased resistance, and renters are negotiating more aggressively or delaying moves.
January 2026 Average Rents
Region | Studio | 1-Bedroom | 2-Bedroom | 3-Bedroom | Houses |
Victoria | $1,603.80 | $1,824.88 | $2,248.00 | $2,737.50 | $3,000.00 |
Saanich | $1,647.67 | $1,940.50 | $2,333.00 | $2,970.75 | $2,850.00 |
Esquimalt/Vic West | $1,737.50 | $2,061.00 | $2,493.80 | $3,352.00 | $3,200.00 |
Westshore* | $1,712.33 | $1,972.60 | $2,319.17 | $3,047.00 | $3,100.00 |
Sooke | $1,550.00 | $1,800.00 | $1,900.00 | — | $2,400.00 |
Duncan | $1,700.00 | $1,880.00 | $2,415.00 | — | — |
*Includes Langford, Colwood, and View Royal.
Market Momentum: What’s Changed?
As we move into 2026, the Victoria market is adjusting to a significant influx of new purpose-built rental supply. This has pushed vacancy rates to their highest levels in decades (reaching ~3.3%), providing tenants with more options and negotiating power than in previous years.
- Best-Performing Unit: In Victoria, Studios showed the most resilience, with a year-over-year increase of approximately 4.69% (+$71.80).
- Most Softened Segment: Victoria Houses saw the largest downward adjustment compared to January 2025.
- Regional Trends: Areas like Duncan and Esquimalt continue to defy broader cooling trends in smaller formats due to strong demand for entry-level affordability.
What This Means for You
- For Renters: The early-year market offers more leverage, particularly for larger units. Take the time to compare value-added features and efficiency.
- For Owners: Prioritize tenant retention and avoid aggressive rent resets. With the 2026 allowable rent increase capped at 2.3%, focus on property quality to maintain occupancy.
- For Investors: Core markets remain stable but require disciplined underwriting. Focus on unit-mix optimization rather than short-term rent acceleration.
Data is collected from various sources including CMHC, Rentals.ca, and local listings. While we strive for accuracy, these figures represent averages and actual market rates may vary based on specific property conditions.