Kelowna’s rental market remains hot as fall arrives

Kelowna’s rental market remains hot as fall arrives

Kelowna was ranked 8th

Temperatures have cooled but Kelowna’s rental market is still hot.

In the monthly ranking of rental markets by cost, Padmapper has placed Kelowna as the 8th most expensive city in Canada.

The price of one bedroom units grew 0.9 per cent to a median of $1,170, while two bedroom units fell 1.9 per cent to $1,520.

In September the cost of one-bedroom suites in Toronto increased 2.8 per cent to $2,200, while two bedrooms stayed stable at $2,820. Padmapper reports that two-bedroom rent in Toronto is up 15.6 per cent since the same time last year.

Vancouver remained the second most expensive city with one-bedroom rent rising 2.5 per cent to $2,050, while two-bedrooms saw a slight increase to $3,230.

Burnaby remained in third place as one-bedrooms shot up 5.1 per cent to $1,650. Two-bedrooms saw a decrease of 0.4 per cent to $3,230.

Montreal jumped up one spot and overtook Barrie, Ontario, for fourth place. One-bedroom rates increased 1.5 per cent to $1,340, while two bedrooms decreased 2.9 per cent to $1,650.

Barrie, Ontario, came in fifth as the price of one-bedrooms fell 3.7 per cent to $1,300 and two-bedroom prices rose 2.6 per cent to $1,550.

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The largest monthly growth rate in the nation took place in Hamilton, Ontario. The city jumped three spots and broke into this month’s top 10 most expensive cities. One-bedroom rents grew to 4.5 per cent to 1,150, and two-bedrooms increased 1.5 per cent to $1,370.

Quebec City saw the largest monthly rental dip in the country. One-bedroom rates dropped 5.5 per cent to $860 and two-bedrooms saw a slight increase of 0.9 per cent to $1,080.

Cheapest was Windsor, Ontario, where you can you can rent a one-bedroom suite for just $750

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