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Kelowna rent prices drop for July

Ranked seventh priciest city in Canada
Kelowna is currently the seventh most expensive rental market in the country. (Pixabay)

Renters in Kelowna were given some much-appreciated relief in the month of July, according to the latest Zumper rental report.

Kelowna was just one of just five of the top 25 most expensive cities in Canada to see a drop in the price of one-bedroom rentals, falling from sixth-highest rent to seventh.

Declining 5.7 per cent from the previous month, the average Kelowna one-bedroom renter forked over $1,650 on the first of July, on par with Kitchener, Ontario and slightly higher than Ottawa.

Three British Columbia markets were in the top four most expensive - Vancouver topped the list at an average price of $2,300, while Burnaby and Victoria ranked third and fourth respectively at $2,060 and $1,880.

The price of two-bedroom units also took one of the sharpest declines in Canada in Kelowna, falling 6.1 per cent to $2,170.

On a year-to-year basis, however, the price of both one and two-bedroom rentals is much higher than it was one year ago - one-bedrooms are up 8.6 per cent from July 2021, while two-bedrooms are up 14.8 per cent.

The full list of major Canadian markets can be found in the rent report.

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Jake Courtepatte

About the Author: Jake Courtepatte

Editor of Kelowna Capital News & West K News since February 2022. I have spent the majority of my career working in the Toronto area as both a sports reporter and a general reporter.
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