PadMapper has released their first Canadian National Rent Report for 2019, the report reveals that Kelowna is ranked the seventh most expensive rental market in the nation.
Prices of one and two bedroos settling at medians of $1,300 and $1,680, respectively. The price of one bedrooms is up 15 per cent from this time last year.
Notably, this is the first time we’ve seen more stable growth rates than growing or declining ones. Meanwhile, in terms of year over year changes, a majority of rents (17 out of 24) saw double digit growth rates between one and two bedroom prices. It seems Canada remains a hot market for rentals as we begin the new year and isn’t showing signs of slowing down.
While St. Catharines had the largest rental growth rate in the nation, climbing 5.3 per cent, Halifax and Regina saw the largest rent dips, both falling 5.5 per cent. St. Catharines was also able to jump back into the top 10 markets with this large monthly bump.
Toronto won for the most expensive markets for one bedroom and two bedroom rent at $2,260 and $2,850, Vancouver was second, Burnaby ranked third, Montreal won fourth place and Victoria ranked fifth.
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