Cost of living and housing at a glance
- 2 bedroom rent
- $2,536 a month, new lease
- 1 bedroom rent
- $1,914 a month, new lease
- Vacancy rate
- 3.3% a balanced market
- Median home value
- $987K 2021 Census, owner-estimated value (these municipalities have no open assessment data)
- Property tax
- $5,580 a year on the median home
- Government closing fees
- $17,740 on the median home
Renting or buying in Victoria
The median home in Victoria is valued at $987K. A typical two-bedroom apartment on a new lease rents for $2,536 a month, or $30,432 a year. That puts the median home at about 32.4 years of two-bedroom rent.
That ratio is only a starting point. Owning adds property tax (about $5,580 a year on the median home), one-time government closing fees of about $17,740, insurance, maintenance and, for condos, monthly fees. Renting adds none of those, but it gives you no equity and rents can rise. Whether buying makes sense depends on your deposit, your mortgage rate and how long you will stay, which this guide does not model.
What renting costs
| Apartment size | Average rent, new lease |
|---|---|
| Studio | $1,651 |
| 1 bedroom | $1,914 |
| 2 bedroom | $2,536 |
| 3 bedroom | $3,270 |
Source: CMHC Rental Market Survey, Victoria CMA, October 2025, privately initiated apartment buildings of three or more units. Houses, basement suites and rooms are not included, and listing prices can be higher.
The cheapest and most expensive neighbourhoods
Home values range widely inside Victoria. These are the lowest and highest medians among neighbourhoods with at least 1,500 residents.
Lowest median home values
| Neighbourhood | Median home | Renters | Walkability |
|---|---|---|---|
| Downtown and Harris Green | $489K | 71% | 88 |
| North Park | $506K | 74% | 72 |
| Burnside | $641K | 57% | 47 |
| Uptown | $660K* | 46% | 55 |
| Langford Centre | $705K* | 40% | 37 |
Highest median home values
| Neighbourhood | Median home | Renters | Walkability |
|---|---|---|---|
| Uplands | $2.16M* | 21% | 47 |
| Cadboro Bay | $1.75M* | 23% | 36 |
| Prospect Lake | $1.60M* | 17% | 14 |
| Oak Bay Village | $1.54M* | 28% | 51 |
| Henderson | $1.50M* | 22% | 46 |
Where renting is common
The share of households that rent changes a lot from one neighbourhood to the next. Renting is most common in North Park (74%), Downtown and Harris Green (71%), James Bay (67%), and least common in North Saanich (12%), Royal Bay (14%), Cordova Bay (14%).
Getting around without a car
Across 41 neighbourhoods, the typical everyday walkability score is 40 out of 100, and 10% score 70 or more. Each guide shows the score, the transit time to the main hubs and the commute.
Frequently asked questions
Is it cheaper to rent or buy in Victoria?
Renting is cheaper month to month. A typical two-bedroom apartment on a new lease costs about $2,536 a month, while the median home is valued at $987K, or about 32.4 years of that rent. Buying also adds property tax, closing fees, insurance and maintenance, so the right choice depends on your deposit, mortgage rate and how long you plan to stay.
How much is rent in Victoria?
Average rents for new leases are $1,651 for a studio, $1,914 for a one-bedroom, $2,536 for a two-bedroom and $3,270 for a three-bedroom, according to the CMHC Rental Market Survey of October 2025. The vacancy rate is 3.3%.
Which neighbourhoods are the most affordable in Victoria?
Among neighbourhoods with at least 1,500 residents, the lowest median home values are in Downtown and Harris Green ($489K), North Park ($506K), Burnside ($641K). See the full ranking on our most affordable neighbourhoods page.
What are the closing costs when buying in Victoria?
BC charges a tiered property transfer tax: 1% on the first $200,000, 2% to $2 million, then 3%, and 5% above $3 million. On the median home of $987K, government fees come to about $17,740. Legal fees, title insurance and adjustments are extra.
How much is property tax in Victoria?
The 2026 combined tax rate is 0.566% of assessed value, or about $5,580 a year on the median home of $987K.
Can you live in Victoria without a car?
It depends where you live. Across 41 neighbourhoods, the typical everyday walkability score is 40 out of 100, and 10% of them score 70 or more. Check each guide for the score and for transit times to the main hubs.
Next steps
- All 41 neighbourhoods
- Match me to a neighbourhood
- Compare neighbourhoods
- Most walkable
- Most affordable
- Best for families
Home values are assessed or benchmark values, not sale prices, and rents are survey averages for the whole metro area. Figures are for general information, not financial, tax or legal advice: check current listings and talk to a mortgage professional or lawyer before you decide. Sources are on each neighbourhood guide and on the About the data page.
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