Average rent in Victoria, BC (2026): prices, where to rent, and is renting cheaper than buying?

The average rent in Victoria is $1,624 for a one-bedroom and $2,121 for a two-bedroom, according to the first row of the Canada Mortgage and Housing Corporation (CMHC) October 2025 average rent table, which we read as the census metropolitan area total. The next section breaks those averages down by area, using the same CMHC survey, and adds Statistics Canada’s 2026 asking-rent reading for the metro area. The last section answers whether renting or buying costs less, using the Victoria Real Estate Board’s September 2026 Victoria Core area condominium price. Figures here are as of the date this post was published.

Where to rent in Victoria: average rent by area

Rent in Victoria depends on the area. In CMHC’s October 2025 survey, Esquimalt had the lowest average rent of the areas in our table, $1,465 for a one-bedroom and $1,775 for a two-bedroom, and the Langford/View Royal/Colwood/Sooke zone had the highest, $1,874 and $2,374. The Victoria total, $1,624 and $2,121, sits between the two.

These are CMHC zones, not neighbourhoods, and the table shows some of them, not all, so it cannot show the rent in one building or street. The Fort St. Area and James Bay Area are zones inside the City of Victoria, while Esquimalt, Saanich/Central Saanich, and Langford/View Royal/Colwood/Sooke cover neighbouring municipalities. The first row, which CMHC labels only “Victoria”, is the one we read as the census metropolitan area total, as explained below.

Below are average rents for occupied purpose-built apartments (Row / Apartment structure type) from CMHC’s October 2025 Rental Market Survey, in its average rent table for the Victoria survey area.

Area	One-bedroom	Two-bedroom
Victoria area total (CMHC’s first row)	$1,624	$2,121
Fort St. Area (City of Victoria zone)	$1,510	$1,868
James Bay Area (City of Victoria zone)	$1,621	$2,063
Esquimalt	$1,465	$1,775
Saanich/Central Saanich	$1,594	$2,104
Langford/View Royal/Colwood/Sooke	$1,874	$2,374

The Fort St. Area is the second cheapest of the areas at $1,510 and $1,868 (CMHC, October 2025). The James Bay Area ($1,621 and $2,063) and Saanich/Central Saanich ($1,594 and $2,104) sit close to the Victoria total.

CMHC measures occupied units, many on older leases, so its averages can sit below the rent on a lease signed today. No liv.rent rent report covers Victoria, so the only 2026 asking-rent reading is Statistics Canada’s metro-wide one, and this post quotes no liv.rent rent.

Statistics Canada’s quarterly rent statistics, released September 9, 2026, put Victoria’s metro-area average two-bedroom asking rent at $2,640 a month in April to June 2026 (the second quarter). These experimental estimates cover units listed on major rental platforms across the whole metro area, so the figure sits beside, not inside, the CMHC zone table.

For homes available now, see Victoria rentals on liv.rent, and for where to look, read our guide to the top rental sites in Victoria. The rest of this post puts the CMHC rents beside the cost of owning a condominium, and the short answer is in the last section.

How did we compare owning with renting in Victoria in October 2026?

We set the monthly cost of owning a condominium, bought at the Victoria Real Estate Board’s September 2026 reference price for the Victoria Core area, beside CMHC’s average rents for a one-bedroom and a two-bedroom apartment, then followed each side’s net worth for 25 years. Whoever spends less in a given month invests the difference, the renter starts by investing the down payment and closing costs, and break-even is the first year-end when the owner’s net worth, after selling costs, is at least the renter’s. The result is an illustration under stated assumptions, not a prediction or advice.

Every modelled result comes from the same calculator that the other posts in this buy-vs-rent series use, and only the local inputs change. Victoria has one price and two rents, which makes two pairings, each run with flat prices and with prices up 2% a year. The table lists what stays frozen, and its first two rows carry the Victoria-specific geography.

Assumption	What we used
Price data month	September 2026: the Victoria Real Estate Board’s MLS Home Price Index condominium value for the Victoria Core area ($547,800), not the City of Victoria alone
Rent data	CMHC Rental Market Report, October 2025 survey: average rent for occupied purpose-built apartments (Row / Apartment) in the table’s Victoria row, which we read as the census metropolitan area. No liv.rent rent report covers Victoria, so the only 2026 asking-rent reading is Statistics Canada’s metro-wide one, which the model does not use
Down payment	20%, so no mortgage insurance premium
Mortgage	4.50% five-year fixed, held for the whole period; 25-year amortization
Closing costs	B.C. property transfer tax on the standard schedule with no exemptions, plus $3,000 for legal and inspection
Strata fee and insurance	$500 a month, rising 2.2% a year
Property tax	The City of Victoria’s 2026 all-in residential rate applied to the condominium price, rising 2.2% a year
Rent growth	2.2% a year
Investment return	4.0% a year on any money not spent on housing
Selling costs	4% of the sale price
Home price scenarios	Flat, and 2% a year
Not counted	Tenant insurance, maintenance beyond the strata fee, tax on investment returns

One input differs from liv.rent’s published Metro Vancouver buy-vs-rent post. Rent here is CMHC’s October 2025 survey instead of liv.rent’s October 2026 asking rents, because no liv.rent report covers Victoria. CMHC measures occupied units, many on older leases, so its averages sit below the rent on a lease signed today. A renter signing now would likely pay more than the CMHC figure, which means the month-one gaps shown here are, if anything, wider than a new-lease renter would see, and they should not be set beside Vancouver’s as like for like.

The 4.50% mortgage rate is a round number chosen for the whole series, not a lender’s quote, and we did not rerun the model at other rates. The 2.2% yearly growth in rent, strata fee, and property tax is also an assumption: it equals the 2027 limit on B.C. rent increases (the 2026 limit is 2.3%) on the B.C. government’s rent increases page, last updated August 27, 2026, but it is not a forecast of Victoria rents. We also used the condominium price as a stand-in for assessed value when calculating property tax.

What price, rent and property tax did we use for Victoria?

The model prices the condominium at $547,800, the Victoria Real Estate Board’s (VREB) September 2026 value for the Victoria Core area, and sets it against CMHC’s October 2025 average rents of $1,624 and $2,121. For property tax we applied the City of Victoria’s 2026 residential rate, $5.6559 per $1,000 of assessed value. Each of the three inputs covers a different area, as the next paragraphs show.

VREB’s Victoria Real Estate Market Report for September 2026, dated October 1, 2026, says the MLS Home Price Index value for a condominium in the Victoria Core area was $542,200 in September 2025 and rose 1% to $547,800 in September 2026, although that was down from August’s $553,600. VREB’s explanation of its MLS statistics describes the index home as “a notional home that includes the most common attributes of typical homes in a given area”, so $547,800 is a reference price built from the index, not an average of actual sales.

It is not a City of Victoria figure. VREB’s pages use the label “Victoria Core” without saying which municipalities make it up, and we could not read a Victoria-only condominium figure, so we call $547,800 the Victoria Core area condominium price for September 2026 and never the City of Victoria price.

For rent we used the CMHC average rent table for Victoria, October 2025 survey, Row / Apartment structure type: $1,624 for a one-bedroom and $2,121 for a two-bedroom in occupied purpose-built rental units, both rated excellent for reliability. The row labelled “Victoria” sits above zone rows for the City of Victoria, Saanich, Esquimalt, Oak Bay, Sidney, and a Langford, View Royal, Colwood, and Sooke zone. CMHC’s apartment-only “Victoria CMA” highlights page shows $1,625 and $2,120, within $1, so we read the first row as the census metropolitan area total. CMHC’s 2025 Rental Market Report uses the $2,120 figure and puts it up 5.1%.

CMHC gives no single City of Victoria row. Its four City zones in the same October 2025 table run from $1,510 for a one-bedroom and $1,868 for a two-bedroom in the Fort St. Area to $1,644 and $2,284 in the Remainder of City of Victoria zone, so the area-wide $1,624 and $2,121 sit inside the City’s own range. liv.rent has no October 2026 report for Victoria; the rent reports index lists the regions it does cover.

Property tax follows the City of Victoria’s 2026 residential rate, $5.6559 per $1,000 of assessed value, from the City’s 2026 property tax mill rate document, which carries no date beyond the year. Its residential column lists general (municipal) $3.7229, regional district $0.2411, hospitals $0.1223, residential school tax $1.1719, BC Assessment $0.0381, the Municipal Finance Authority $0.0002, and B.C. Transit $0.3594, which add up to the total. The school tax is already inside that figure, and it matches the 1.1719 that the Province’s 2026 Residential School Tax Rates Order (OIC 124/26, April 7, 2026) sets for School District 61 Greater Victoria, so we did not add it again.

On a $547,800 condominium the rate gives about $3,098 a year, or about $258 a month, in 2026 terms, and the model grows it by 2.2% a year. The rate leaves out the additional school tax that applies to high-value homes, which this price does not reach, and the Home Owner Grant. The Province’s Home Owner Grant page, last updated September 22, 2026, says the grant threshold for 2026 is $2,075,000 and that, effective January 1, 2027, the regular grant amount is $570. It gives no 2026 grant amount, so we left the grant out rather than guess.

Monthly cost in Victoria: owning at $3,184 a month against rent of $1,624 to $2,121

On the Victoria Core area’s September 2026 condominium price and CMHC’s October 2025 rents, owning costs more than renting in both pairings in month one: $1,560 a month more than the one-bedroom rent and $1,063 more than the two-bedroom rent, according to the shared calculator. Owner cost here is the $2,426 mortgage payment, about $258 of property tax, and the frozen $500 strata and insurance allowance.

Pairing	Mortgage payment	Owner cost, month one	Rent (CMHC, October 2025)	Owner cost above rent
Victoria Core condominium ($547,800) against one-bedroom rent	$2,426	$3,184	$1,624	$1,560
Victoria Core condominium ($547,800) against two-bedroom rent	$2,426	$3,184	$2,121	$1,063

The mortgage payment alone is $802 above the one-bedroom rent and $305 above the two-bedroom rent, so the property tax and the strata allowance account for the rest of each gap. The gap narrows over time: the mortgage payment is fixed, while rent, strata fee, and property tax each rise 2.2% a year in the model, and rent is the largest of the three. The next table shows the cash needed on day one at the September 2026 price, with no exemption applied.

Up-front cash	Victoria Core condominium
Condominium price (VREB, September 2026)	$547,800
20% down payment	$109,560
B.C. property transfer tax	$8,956
Closing costs including $3,000 legal and inspection	$11,956

The transfer tax follows the standard schedule on the B.C. government’s property transfer tax page, last updated December 3, 2025: 1% of the fair market value up to and including $200,000, 2% above that up to and including $2,000,000, and 3% above $2,000,000. At $547,800 the model’s tax is $2,000 plus $6,956, or $8,956, with no exemptions. The renter in the model invests the down payment and closing costs, $121,516 in all, on day one, which keeps the two sides comparable.

When does buying catch up with renting in Victoria?

In the model, a Victoria Core area condominium does not catch the renter within 25 years if prices stay flat, against either rent. If prices rise 2% a year, break-even arrives in the ninth year against the two-bedroom rent and does not arrive within 25 years against the one-bedroom rent.

Pairing	Break-even, flat prices	Break-even, prices up 2% a year
Victoria Core condominium against one-bedroom rent	Not within 25 years	Not within 25 years
Victoria Core condominium against two-bedroom rent	Not within 25 years	Ninth year

The next table follows each side’s net worth after five, 10, and 25 years. Each cell reads owner first, renter second.

Pairing and price path	After five years	After 10 years	After 25 years
One-bedroom rent, flat	$141,129 / $248,589	$207,938 / $396,322	$525,888 / $1,004,026
One-bedroom rent, up 2% a year	$195,864 / $248,589	$323,104 / $396,322	$862,775 / $1,004,026
Two-bedroom rent, flat	$141,129 / $214,277	$207,938 / $316,321	$525,888 / $685,929
Two-bedroom rent, up 2% a year	$195,864 / $214,277	$323,104 / $316,321	$862,775 / $685,929

With the September 2026 price and October 2025 rents, the renter leads in every one-bedroom row, by $478,138 after 25 years with flat prices and still by $141,251 when prices rise 2% a year, because the wider monthly gap leaves more to invest. Against the two-bedroom rent the flat-price gap after 25 years is $160,041. With prices up 2% a year, the owner trails by $18,413 after five years, then leads by $6,783 after 10 years and by $176,846 after 25.

The owner’s figures are identical against both rents. In this model owning costs more than renting in every month of the 25 years, even against the two-bedroom rent, so the owner never has spare cash to invest and only the renter’s side changes.

Treat the 2% column as a what-if, not a forecast. VREB’s September 2026 page shows a 1% rise over the year in the Victoria Core area condominium value, which is below the 2% scenario, and a September value that sat below August’s. We read both price paths as scenarios.

Who might buy in Victoria, and what would change the answer?

On these September 2026 prices and October 2025 rents, renting costs less in month one in both pairings, by $1,063 to $1,560 a month. The answer serves different people differently. A buyer with a long horizon, a two-bedroom unit in mind, room to carry a gap near $1,063 a month, and an expectation that prices will rise is the person for whom owning comes closest. A renter whose cash flow or time horizon cannot absorb that gap has the lower monthly cost in this model.

Several things would move the result. A different price path changes break-even by years, as the tables show, and the 4.50% mortgage rate is a placeholder. The $500 strata fee and insurance allowance is the series’ frozen assumption, not a Victoria figure we sourced, so a real building’s fee, assessed value, and mortgage quote will differ. Property tax is a moving part too: the City of Victoria’s 2026 property tax notice insert describes “an overall tax increase of 7.28%”, says Council “has distributed this increase at 9.34% to residential properties and 4.78% to business properties”, and gives an average increase of $323 for an average residential property assessed at $1,015,000. The model grows the whole bill by 2.2% a year, so repeated increases on that scale would push owner costs above what we show.

Eligible first-time buyers face a lower closing bill. The B.C. government’s first-time home buyers’ exemption amounts page, last updated December 3, 2025, says that for a fair market value over $500,000 but no more than $835,000 the exemption amount is $8,000. At $547,800 that would cut the transfer tax from $8,956 to $956, closing costs from $11,956 to $3,956, and the cash needed on day one from $121,516 to $113,516. The model leaves the exemption out, so every break-even year above assumes the full tax, and we did not rerun the numbers to measure the effect.

The B.C. government’s first-time home buyers’ program page, last updated June 20, 2025, sets the conditions at registration. The buyer must be a Canadian citizen or permanent resident, must have lived in B.C. for at least a year immediately beforehand (or filed at least two income tax returns as a B.C. resident in the last six taxation years), must never have owned a registered interest in a property that was their principal residence anywhere in the world, and must never have received the exemption or a refund. The property must be used only as the buyer’s principal residence, have a fair market value of $835,000 or less, be 0.5 hectares or smaller, and contain only residential improvements.

Landlords and owners reading the market can start with CMHC’s 2025 Rental Market Report, which says the overall vacancy rate in the Victoria census metropolitan area “rose to 3.3%, the highest level since 1999.” CMHC’s October 2025 vacancy table shows 3.4% for one-bedrooms and 3.0% for two-bedrooms. Vacancy at that level points to more competition to fill a purpose-built unit, though it says nothing about where rents go next.

The same 2025 report lists a different segment: Victoria condominium apartments averaged $2,688 for a two-bedroom, with a vacancy rate of 0.3%. A renter who wants a condo-style unit would therefore likely pay more than the purpose-built averages in our model, which is why the CMHC figures describe purpose-built averages, not a quote for a particular home. This post is general information, not financial advice, and a mortgage broker or financial planner can run your own numbers.

What should you check next if you are weighing a Victoria condo?

Start with the rent for the size of home you would otherwise lease, then compare it with a real strata fee, assessed value, and written mortgage quote for a specific condominium, and confirm whether you would qualify for the first-time buyer exemption. Each of those is a number our model had to assume, so replacing them with real ones is the best way to test the result.

If you keep renting, the B.C. government’s rent increases page (last updated August 27, 2026) says landlords can raise rent only with at least three full months’ notice, and only once every 12 months. A newer CMHC survey will replace the October 2025 rents used here. Browse liv.rent’s rent reports for the regions it covers, read the guide to B.C. rent increases, and see liv.rent’s guide to renting vs buying for the wider trade-offs.

Renting vs buying in Victoria: the short answer

In our model, renting costs less than owning in month one: owning a condominium costs about $3,184 a month at the Victoria Core area condominium price of $547,800 (September 2026), which is $1,560 more than the CMHC one-bedroom rent of $1,624 and $1,063 more than the two-bedroom rent of $2,121 (October 2025). That price covers the Victoria Core area, not the City of Victoria alone, while the rents cover the wider census metropolitan area.

Buying could catch up only against the two-bedroom rent, in the ninth year, and only if prices rise 2% a year; with flat prices it does not catch up within 25 years against either rent. On September 2026 prices, owning comes closest for a buyer with a long horizon, a two-bedroom unit in mind, and room to carry a gap near $1,063 a month. This is an illustration, not a forecast or advice.

For the national picture, see Canada’s 2026 price-to-rent ranking, and for where to look if you keep renting, read our guide to the top rental sites in Victoria.

What is the average rent in Victoria?

CMHC’s October 2025 Rental Market Survey puts Victoria’s average rent for occupied purpose-built units at $1,624 for a one-bedroom and $2,121 for a two-bedroom. These are averages for occupied units, so a lease signed today may cost more. Statistics Canada’s second-quarter 2026 estimate of the average asking rent for a two-bedroom in the Victoria metro area is $2,640.

Where is rent lowest in Victoria?

In CMHC’s October 2025 survey, Esquimalt had the lowest averages of the areas in our table, $1,465 for a one-bedroom and $1,775 for a two-bedroom, followed by the Fort St. Area at $1,510 and $1,868. The highest in our table were in Langford/View Royal/Colwood/Sooke, at $1,874 and $2,374.

Is it cheaper to rent or buy in Victoria?

In our model, renting costs less in month one. Owning a condominium at the Victoria Real Estate Board’s September 2026 Victoria Core area price of $547,800 costs about $3,184 a month, against CMHC’s October 2025 average rents of $1,624 for a one-bedroom and $2,121 for a two-bedroom, so owning costs $1,560 or $1,063 more.

How long does it take for buying to catch up with renting in Victoria?

In our model, owning does not catch up within 25 years if prices stay flat, against either rent. If prices rise 2% a year, it catches up in the ninth year against the two-bedroom rent and not within 25 years against the one-bedroom rent. The 2% path is a what-if, not a forecast.

Do first-time buyers pay property transfer tax on a Victoria condo?

An eligible first-time home buyer gets an $8,000 exemption when fair market value is over $500,000 and up to $835,000, per the B.C. government’s page (last updated December 3, 2025). At the Victoria Core area condominium price of $547,800, the $8,956 tax would fall to $956, and closing costs to $3,956.

What is the rental vacancy rate in Victoria?

CMHC’s 2025 Rental Market Report says the overall vacancy rate in the Victoria census metropolitan area rose to 3.3%, the highest level since 1999. Its October 2025 table shows 3.4% for one-bedrooms and 3.0% for two-bedrooms in purpose-built rental units, while Victoria condominium apartments had a vacancy rate of 0.3%.