Victoria ranked 3rd least affordable Canadian city for renters: report

In 2024, Victoria was Canada’s third least affordable city for renters, according to a new report.

The list, created by the Canadian Centre for Policy Alternatives (CCPA), used rental wages – the hourly wage needed to afford rent while working a standard 40-hour week and spending 30 per cent of income on housing – to rank 62 of the country’s large- and medium-sized communities.

Victoria’s rental wage was $29.38 last year, meaning residents had to earn at least that amount to afford a one-bedroom apartment. For a two bedroom, that number jumped to $38.33.

Victoria ranked behind two of Canada's biggest and most expensive cities: Vancouver and Toronto. The former logged $37.84 and $48.94 one- and two-bedroom rental wages in 2024, respectively. Toronto followed close behind, with $37.