Kelowna ranked 5th most expensive BC city to rent an apartment

Kelowna ranked 5th most expensive BC city to rent an apartment

B.C. has the second-highest average monthly rental rates in Canada

Kelowna has been ranked as the 17th most expensive city to rent an apartment in Canada.

According to a national rental report for October, a one-bedroom apartment costs $1,374 per month on average while a two-bed apartments costs $1,634 per month.

Kelowna was one of five British Columbian cities on the list, ranked behind Vancouver, Burnaby, Westminster and Victoria.

On a provincial level, British Columbia finished second to Ontario, where the average monthly rental rate is $1,912 per month and $2,334 per month, respectively.

British Columbia saw rental rates increase by 6.5 per cent for the third quarter, following a jump of 12 per cent in the second quarter of 2019. Part of this rapid increase can be attributed to a rise in the number of condo apartment listings in the province in the third quarter, according to the report.

“Housing affordability continues to be a hot button issue with voters going into the federal election,” said Ben Myers, president of Bullpen Research and Consulting.

“And potential policy changes that would make it easier for first-time buyers to purchase a home may take the pressure off the rental market, which continues to rise nationally, despite the market softness in the prairie provinces.”

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@Niftymittens14
daniel.taylor@kelownacapnews.com

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