Rental affordability in Kelowna takes a nosedive

It’s getting more expensive to rent in Kelowna

The price of a two bedroom rental in Kelowna has skyrocketed.

According to the website Padmapper this July, Kelowna ranked as the 8th most expensive rental market in the nation with the prices of one and two bedroom units settling at medians of $1,050 and $1,620, respectively.

The real shift in the market happened with two bedrooms suites. They’re up in price by 15.7 per cent.

While Kelowna is getting harder to afford, there are still other Canadian cities that are worse.

Top 5 Most Expensive Rental Markets

  1. Vancouver, BC maintained its position as the most expensive city to rent in Canada. The median price for one bedroom units grew by 2.5 per cent , settling at $2,090, while the median price for two bedrooms increased by 2.5 per cent to $3,230.
  2. Toronto, ON, similar to Vancouver, kept its spot as 2nd. Rent prices slightly increased by 0.6 per cent to $1,800 for one bedroom units and rose by 3 per cent to $2,430 for two bedrooms.
  3. Barrie, ON climbed two spots, experiencing a steep increase of 5.2 per cent to $1,210 for one bedroom rent. For two bedroom units, however, rent dropped by 1.4 per cent to $1,390.
  4. Montreal, QC saw mixed price changes this month for one and two bedroom units. Rent for one bedroom units decreased by 3.3 per cent to $1,160, whereas the price for two bedroom units climbed 2.8 per cent to $1,460.
  5. Victoria, BC fell one spot this month, experiencing a drastic decline in rent for one bedroom units. Rent was down by 5.1 per cent for one bedroom units while prices for two bedroom units slightly increased by 0.7 per cent to $1,410.

The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 25 most populous metro areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.

Just Posted

Flair Air’s Kelowna-Vancouver flights take off

The route has been added to the Kelowna-based ultra-low cost airline’s service

Missing Kelowna resident located

Nathan Guy Durant has been found

Fire destroys Kelowna motorhome

Kelowna fire crews arrived to find a fully-engulfed motorhome Friday morning.

Transportation partnership to be discussed at Lake Country council

A review of the Sustainable Transportation Partnership will be presented Tuesday

IH concludes review into breach of employee information

Interior Health concluded a comprehensive review of a privacy breach.

VIDEO: Average Canadian food bill to rise by $348 in 2018

Atlantic Canada and B.C. will see the most increases for consumers

AHUS patient Shantee Anaquod is home for Christmas

Less than a month after receiving first dose of $750K drug, 23 year old healthy enough to go home

Firefighter dies, thousands more take on California blaze

This is second death linked to the Thomas fire, northwest of Los Angeles

Moose calves rescued in northern B.C. are ‘golden nuggets:’ researcher

Calves discovered near Prince George in late May. Mother had been killed by a car

Missing Alberta man could be headed to Victoria

Police in Alberta say Vernon “Allan” Pickard has not been heard from since late November

Cineplex charges extra at some Star Wars screenings

Fans are getting a surprise twist at the box office with extra $1 charges for assigned seating

Police investigating firearms report at mall

Police received the call at about 5:15 p.m. Thursday evening at Cherry Lane Mall

Toddler sent to hospital following dog bite at Vancouver Island daycare

Malamute/husky cross involved in incident at 1200-block of Burnside Rd. West

Provincial Contractor of the Year awards handed out across B.C.

Deputy Minister’s 2017 awards recognize excellence in transportation and infrastructure

Most Read