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
- 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.
- 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.
- 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.
- 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.
- 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.