Victoria rental market softens
Victoria, once the Canadian city with the lowest rental vacancy rate, has seen a sharp increase in vacancies and a flatlining of rent increases over the past year, according to Colliers International.
Noting the overall vacancy rate in the Capital Region has risen to 2.7 per cent, up from 2.1 per cent a year ago, Colliers adds that some markets are seeing much higher vacancies. These include Esquimalt, where vacancies are now 5.5 per cent and Fairfield and Oak Bay, now both at 2.4 per cent, up from 1.5 per cent and 1.9 per cent a year ago, respectively.
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