The only cities with a higher average rent in B.C. Canada Mortgage and Housing Corporation (CMHC) predicts higher vacancy rates and fewer housing starts in the Greater Victoria area for 2020. In fact, some buyers might be able to move up, as the price gap between apartment and single detached units has fallen. group says overdose crisis should be priority, B.C. The average rent for a two-bedroom apartment will rise from $1,535 in October 2019 to $1,675 in October 2020 to $1,829 in October 2021. 's capital increased by 7.5 per cent year-over-year. Overall, the report predicts the average sales price will range between $665,881 on the low end and $779,871 on the high end for 2020. The Canadian Mortgage and Housing Society report said that Victoria's vacancy rate has hit 1.2 per cent. The July 2019 report comes from PadMapper, a location-based apartment rental search engine, and lists 10 cities with the most expensive median rent. RELATED: Housing starts, value of building permits down across Greater Victoria, “For one, a significant share of new units will enter the market, they will command higher rents, and this effect will pull the average rents up,” notes the report. Rent in Victoria is, on average, 61.63% lower than in New York. Victoria Rental Market There are a total of 371 apartments for rent available in Victoria, BC. The report predicts that regional vacancy rate will hit 1.8 per cent by October 2021, based on current available figures. NDP leading in early days of election, B.C. “As projects currently under construction enter the market, it will expand available housing for renters.”. At $1,170, average rent for all bedroom types in B.C. The report predicts that real estate sales will normalize with population trends. Four-person family monthly costs: 3,238.34$ (4,267.33C$) without rent (using our estimator). The average rent for a two-bedroom apartment will rise from $1,535 in October 2019 to $1,675 in October 2020 to $1,829 in October 2021. The average rent for a one-bedroom apartment will respectively rise from $1,175 (2019) to $1,282 (2020) to $1,400 (2021). This said, the report also predicts mortgage rates to increase which may dampen sales. A Canadian rent report puts Victoria in sixth place for the highest one-bedroom median rent prices in the country. 4-Bedroom apartments are the least common, with a total of 2 listings available. There are 1,371 active cases of COVID-19 in B.C. Victoria is still on the list of Canada’s top ten most expensive cities to rent housing in, according to data from PadMapper. “Sales will level out over the forecast horizon, halting the decline in total sales experienced in 2018,” it reads. Next year promises to be a year of rising vacancy rates and less construction for Greater Victoria. A new report finds that Victoria's rental vacancy rate has risen above the one per cent mark for the first time in four years as supply outstrips demand.