Victoria
British Columbia
Statistics Canada geography code 5917034 · census subdivision
MARKET SCORE
Model CS-MI-1.0 · calculated 2026-09-30
Market snapshot
Average rent
$2,120
CMHC reports this figure for the census metropolitan area, which is wider than the city this market is defined by. Population here is city-level; rent and vacancy are metro-level. CMHC reliability code "a".
Source: Canada Mortgage and Housing Corporation
Confidence: high
Rental vacancy rate
3.3%
CMHC reports this figure for the census metropolitan area, which is wider than the city this market is defined by. Population here is city-level; rent and vacancy are metro-level. CMHC reliability code "a".
Source: Canada Mortgage and Housing Corporation
Confidence: high
Population trend
+13.2% 2013–2022 · CalculatedSource: Table 17-10-0142-01 — Population estimates, July 1, by census subdivision (vector 1138983464) · published 2023-01-11
What drives this market?
These weightings are an interpretation of the local economy, not a measurement. They are shown to explain what appears to support rental demand here — treat them differently from the sourced statistics above.
- Government30% of local drivers
Provincial capital. The Government of British Columbia, the legislature and the provincial courts dominate employment, and the federal presence adds to it.
- Military / Defence16% of local drivers
CFB Esquimalt is the Pacific fleet base and the largest single employer in the region after the provincial government.
- Health Care16% of local drivers
Royal Jubilee and Victoria General serve Vancouver Island, with demand weighted by an older population.
- Tourism14% of local drivers
Cruise arrivals at Ogden Point and a long visitor season produce a marked seasonal employment swing.
- Education12% of local drivers
The University of Victoria, Royal Roads University and Camosun College.
- Technology8% of local drivers
A small technology sector, notably in ocean science and marine technology.
- Construction4% of local drivers
Constrained by land supply on the peninsula, which is part of why housing costs sit where they do.
Employer concentration
Government accounts for roughly 30% of the identified economic activity here. A market can have strong rental demand and still carry real risk if too much of it traces back to one institution.
Worth investigating: what happens to local demand if that employer reduces its workforce? This is a scenario to think through, not a prediction.
Rental market
Average rent
$2,120
CMHC reports this figure for the census metropolitan area, which is wider than the city this market is defined by. Population here is city-level; rent and vacancy are metro-level. CMHC reliability code "a".
Vacancy rate
3.3%
CMHC reports this figure for the census metropolitan area, which is wider than the city this market is defined by. Population here is city-level; rent and vacancy are metro-level. CMHC reliability code "a".
All data for this market
| Metric | Period | Value | Type | Confidence | Source |
|---|---|---|---|---|---|
| average rent | — | $2,120 | observed | high | Canada Mortgage and Housing Corporation |
| population | 2022 | 96,390 | observed | high | Statistics Canada |
| population | 2021 | 94,418 | observed | high | Statistics Canada |
| population | 2020 | 94,857 | observed | high | Statistics Canada |
| population | 2019 | 94,607 | observed | high | Statistics Canada |
| population | 2018 | 92,869 | observed | high | Statistics Canada |
| population | 2017 | 91,379 | observed | high | Statistics Canada |
| population | 2016 | 90,159 | observed | high | Statistics Canada |
| population | 2015 | 88,470 | observed | high | Statistics Canada |
| population | 2014 | 86,526 | observed | high | Statistics Canada |
| population | 2013 | 85,126 | observed | high | Statistics Canada |
| rent change pct | — | 5.1% | observed | high | Canada Mortgage and Housing Corporation |
| unemployment rate | 2024 | 3.9% | observed | high | Statistics Canada |
| unemployment rate | 2023 | 3.7% | observed | high | Statistics Canada |
| unemployment rate | 2022 | 3.8% | observed | high | Statistics Canada |
| unemployment rate | 2021 | 4.9% | observed | high | Statistics Canada |
| unemployment rate | 2020 | 7.8% | observed | high | Statistics Canada |
| unemployment rate | 2019 | 3.5% | observed | high | Statistics Canada |
| unemployment rate | 2018 | 4.1% | observed | high | Statistics Canada |
| unemployment rate | 2017 | 3.9% | observed | high | Statistics Canada |
| vacancy rate | — | 3.3% | observed | high | Canada Mortgage and Housing Corporation |
Rows showing Data unavailable are recorded deliberately, with the reason, rather than omitted — so you can tell the difference between a figure that is zero and one we simply do not have.