Posts Tagged ‘Victoria rental market’

The Victoria rental market continues to play a major role in shaping real estate conditions across Greater Victoria. In 2026, limited rental supply, steady population growth, and affordability pressures are influencing buyer behaviour, pricing, and long-term market trends. Understanding the Victoria rental market helps both buyers and sellers make more informed decisions. Strong Rental Demand Supports Buyer Activity Rental demand in Victoria remains high, driven by job growth, students, and limited purpose-built rental inventory. As a result, rents continue to sit at historically elevated levels. For many renters, rising monthly payments make ownership more attractive, even in a balanced sales market. This dynamic supports ongoing demand for entry-level condos, townhomes, and smaller single-family homes. Impact on First-Time Buyers The Victoria rental market often accelerates first-time buyer decisions. High rents make saving challenging, yet comparable mortgage payments can appear more manageable Stable inventory in 2026 provides buyers with more choice and negotiating room Condos and townhomes remain the primary entry point for renters transitioning to ownership As rental costs rise, ownership becomes less about timing the market and more about long-term stability. Influence on Investors and Secondary Suites Investors continue to view Victoria real estate as a long-term hold, largely due to rental scarcity. Strong demand supports consistent occupancy Secondary suites and garden suites add value to single-family homes Purpose-built rental constraints keep pressure on resale housing While regulatory changes affect short-term rentals, long-term rental demand remains a key support for property values. Condo Market Effects The Victoria rental market has a direct impact on the condo segment. One- and two-bedroom units attract both renters and buyers, especially near employment centres, transit corridors, and post-secondary institutions. In 2026, balanced inventory has reduced bidding pressure, yet rental fundamentals continue to support pricing. Supply Constraints Shape Long-Term Trends Although new rental projects are underway, supply growth continues to lag demand. Zoning limitations, construction costs, and approval timelines slow meaningful expansion. As a result, rental pressure reinforces long-term housing demand across Greater Victoria. This dynamic supports price stability, even during periods of slower sales activity. What This Means for Sellers Sellers benefit from rental-driven demand in several ways: Strong interest in entry-level and income-generating properties Continued appeal of homes with suites or flexible layouts Stable buyer confidence despite market normalization Pricing still matters, but underlying demand remains intact. Final Thoughts The Victoria rental market remains a foundational driver of real estate activity in 2026. Limited supply, high rents, and steady demand continue to influence buyer decisions and support long-term values. For buyers, sellers, and investors alike, understanding rental market conditions provides valuable context when navigating Greater Victoria real estate. Lorraine P., 5-Star Review, via Google “I would not dream of ever using a realtor other than Cal. Apart from the fact that he is was exceptionally knowledgable and resourceful, he was also honest, truthful and always acted in my best interest while at the same time treating all parties with dignity and respect.”

Finding the right tenants is one of the most important factors in protecting your investment property. Strong tenants reduce turnover, limit maintenance issues, and support consistent cash flow. In today’s competitive rental market, careful screening matters more than speed. This guide outlines how to find the right tenants while staying compliant with BC rental regulations. Start With Clear Rental Criteria Before advertising, define what a strong tenant looks like for your property. Consider: Target rent range and income requirements Maximum occupancy based on layout and bylaws Pet policies and strata restrictions Lease length and move-in timing Clear criteria help you filter applicants objectively and consistently. Price the Property Correctly Pricing attracts the type of tenant you want. Overpricing can lead to longer vacancies, while underpricing may increase turnover. Review comparable rentals in your area and adjust for: Location and walkability Parking, storage, and in-suite laundry Utilities included Accurate pricing helps you find the right tenants without unnecessary delays. Write a Strong Listing Description Your listing should set expectations clearly. Include: Lease terms and included utilities Building rules and strata bylaws Required documentation for applications This approach discourages unsuitable applicants and saves time during screening. Screen Tenants Thoroughly Tenant screening is where many landlords take shortcuts. Avoid that mistake. Best practices include: Employment and income verification Credit checks, where permitted Previous landlord references Consistent application questions for all applicants In BC, screening must follow Residential Tenancy Act guidelines and human rights legislation. Meet Tenants in Person Whenever possible, meet prospective tenants. This step helps confirm compatibility and allows you to explain expectations clearly. Discuss: Maintenance responsibilities Rent payment methods and timelines Communication preferences Clear communication at the start reduces misunderstandings later. Use a Proper Lease Agreement Always use a written lease that complies with BC regulations. Ensure it includes: Rent amount and due date Length of tenancy Rules regarding pets, smoking, and subletting A clear lease protects both parties and reinforces professionalism. Consider Professional Property Management If you prefer a hands-off approach, a licensed property manager can help you find the right tenants and manage compliance, especially for multiple properties or out-of-town owners. Final Thoughts Learning how to find the right tenants is essential for long-term investment success. Careful pricing, consistent screening, and clear communication reduce risk and improve returns. Leanne D, 5-Star Review, via Google “I would highly recommend the Faber Group this is the second time we have used them and have been over the top happy with their service. They are an honest group of men who all go above and beyond to make your experience perfect!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”  

In Victoria's balanced 2026 real estate market, secondary suites offer a smart way to increase property value and attract buyers. These self-contained units provide steady rental income and extra appeal during steady times. Victoria's Housing Market Today The Victoria Real Estate Board reports that 2025 ended with stable sales and pricing. Single-family home values softened slightly in the core while the Westshore saw modest gains. Condo values stayed flat. Higher inventory in 2026 gives buyers more choice and keeps the market balanced with cautious optimism. Strong Rental Income Potential Rental demand remains solid for secondary suites in Victoria for 2026. Greater Victoria's vacancy rate reached 3.3% by late 2025 - the highest in over 25 years - yet demand continues from students, young professionals, and others. One-bedroom secondary suites typically rent for $1,500-$2,000 per month. Two-bedroom suites often reach $2,000-$2,500. This income helps cover mortgage payments, taxes, or utilities and makes ownership more affordable. Added Buyer Appeal Properties with legal secondary suites attract more interest. Buyers value them as: Mortgage helpers that ease financing Flexible space for multi-generational living or home offices Future rental or short-term rental options These features help homes sell faster and often at higher prices, especially when inventory rises. Provincial Support and Regulations British Columbia continues to encourage gentle density. Secondary suites remain allowed province-wide in single-family zones. Local governments must update bylaws by June 30, 2026 under recent legislation. Always verify that any suite meets city rules for size, separate entrance, egress, and parking. Final Thoughts In balanced market conditions, secondary suites deliver reliable income and long-term value. They stand out as a top feature for homeowners, buyers, and investors. If you are searching in Victoria feel free to reach out to our team for the latest listings and guidance. Secondary suites remain one of the strongest choices for smarter homeownership in 2026.   Brandon S., 5-Star Review, via Google “My wife and I sold our condo in View Royal and bought a place in Esquimalt with the help of The Faber Group. Scott helped us to find and buy the perfect home for our growing family in a very competitive market. He got to know our wants and needs and worked within our schedule with a small baby. Once we found the perfect place Scott helped us to get it for under the asking price and sold our condo in one day on the market with multiple offers over asking! We are so grateful that Scott helped us through this process, answering our many questions and alleviating our concerns. Thank you for helping us sell our first home and buy a beautiful house for our family.” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Housing demand around the University of Victoria continues to grow, and new projects are reshaping how students, renters, and homeowners live near campus. Several existing and planned developments near UVic aim to increase housing supply, improve walkability, and support long-term community growth. On-Campus Housing Expansion at UVic UVic has prioritized adding more on-campus housing to address student demand. Recent residence projects have focused on higher-density buildings with modern amenities and strong sustainability standards. These residences help reduce pressure on nearby rental markets by keeping more students on campus. Looking ahead, UVic has announced plans for an additional large-scale student housing project that will add hundreds of new beds for upper-year and graduate students. This future development near UVic is designed to maximize land use while supporting transit access and campus services. University District and Long-Term Planning UVic is also planning a broader mixed-use area known as the University District. This long-term vision includes housing, commercial space, and community amenities on university-owned land near Gordon Head Road. While still in planning stages, this project signals a shift toward a more integrated campus-adjacent neighbourhood. Once complete, the University District could play a major role in expanding housing options near UVic while supporting local businesses and services. Off-Campus Developments Near UVic Several nearby developments are already changing the surrounding neighbourhoods: New rental and condo projects along Shelbourne Street and McKenzie Avenue are increasing density near key transit routes. Purpose-built rental buildings near UVic are providing alternatives to older secondary suites and student rentals. Affordable housing projects led by non-profit and public housing providers are helping diversify the local housing mix. These developments near UVic appeal not only to students but also to professionals, downsizers, and investors seeking proximity to the university and amenities. What This Means for Buyers and Renters As developments near UVic continue, buyers and renters can expect more housing choice over time. Condos and purpose-built rentals may improve affordability compared to older, high-demand rental stock. At the same time, increased density may bring changes to traffic, parking, and neighbourhood character. Checking zoning, development applications, and school catchments early remains important when considering property near the university. Final Thoughts Existing and upcoming developments near UVic reflect a broader push to address housing demand while supporting a growing academic community. For students, homeowners, and investors, these projects signal continued growth and long-term change in one of Victoria’s most sought-after areas. Leanne D, 5-Star Review, via Google “I would highly recommend the Faber Group this is the second time we have used them and have been over the top happy with their service. They are an honest group of men who all go above and beyond to make your experience perfect!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”