Rental costs in Kelowna on the rise

In the last year, the price to rent a one bedroom apartment in Kelowna has risen by 15.5 per cent.

In the last year, the price to rent a one bedroom apartment in Kelowna has risen by 15.5 per cent.

Kelowna ranked as the sixth most expensive rental market in the nation this October, with the prices of one and two bedroom units settling at medians of $1,120 and $1,590, respectively.

It’s significantly more affordable than the cities that made up the Top 3 most expensive markets in Canada. Top of the list is Vancouver, which sees one-bedroom rentals listed at a median price of $2,120 and Toronto was second with one bedrooms coming in at $1,940.

RELATED: HERE’S WHERE THINGS STOOD IN JULY

Overall, of the 25 cities in the October Rent Report, 15 experienced increasing prices, seven decreasing, and three with no change. The top markets stayed relatively stable in rankings this month while mid and lower tiered markets were more volatile. However, in terms of year over year prices, the top 10 markets had some of the largest spikes throughout the whole country. Check out how rent in your city has changed.

RELATED: AFFORDABLE HOUSING FROM HABITAT FOR HUMANITY

Top 5 Most Expensive Rental Markets

  1. Vancouver, BC continued to rank as the most expensive rental market in the nation with the second fastest growing one bedroom rent this month, up five per cent to $2,120. Two bedroom rent saw more modest growth, climbing 1.3 per cent to $3,200.
  2. Toronto, ON, inching closer to the $2,000 threshold for one bedrooms, saw rent increase a slight 0.5 per cent to $1,940. Two bedroom prices, on the other hand, dropped 0.4 per cent to $2,430.
  3. Barrie, ON ranked as third with one bedroom rent climbing 4.2 per cent to $1,250, while two bedrooms grew 4.8 per cent to $1,520.
  4. Montreal, QC one bedroom rent was the fourth most expensive in the nation, growing 3.4 per cent to $1,230 . Two bedroom prices also saw an increase, up 3.3 per cent to $1,570.
  5. Victoria, BC had the fastest growing one bedroom rent in the nation, climbing a whopping 5.2 per cent to $1,210. Two bedroom rent also had a large monthly growth rate, up 4.7 per cent to $1,560.

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

RDCO to host Repair Café to help Kelowna residents fix household items

‘If you can carry it in under your arm, they’ll do their best to tackle the problem, with your help’

ALC prohibits land exemption status for three Westbank school sites

The decision means a new secondary school won’t be built along Webber Road

West Kelowna gets more firefighting power

10 new recruits have officially been placed on the city’s roster

Kelowna pot shop looks to the future on Canada’s first cannibersary

Kelowna’s Hobo Recreational Cannabis store has been in operation since July 25, 2019

Movie extras wanted for Kelowna film production

A street hockey scene needs drop-in extras outside of the Kelowna Gospel Mission

Scheer, Trudeau, Singh haggle over potential minority government outcome

If you believe the polls, it appears the Liberals and Conservatives are neck-and-neck

Canucks beat Stanley Cup champs 4-3 in a shootout

Leivo nets winner, Vancouver dumps St. Louis for fourth straight win

‘The more you test, the more you find’: Beef recalls a sign of success, experts say

Despite appearances, experts say a recent rise in major recalls is not a sign of food supply problems

VIDEO: Meet your Kelowna-Lake Country candidates

All seven Kelowna-Lake Country candidates answer questions about themselves and their policy

VIDEO: Meet your Central Okanagan-Similkameen-Nicola candidates

Central Okanagan-Similkameen-Nicola candidates answer questions about themselves and their policy

One year later: Vernon pot stores look back at legalization

Edibles made legal on first anniversary of recreational cannabis

Memorial remembers North Okanagan’s most marginalized

Prayers and flowers for those who have died on the streets

Japanese buyer expands wood pellet contract with B.C.’s Pinnacle

Mitsui and Co. increases contract with Interior energy producer

Great Vernon Pumpkin Race to star in South Korean documentary

Pumpkin Classic event to kick off this weekend with gourd weigh-ins

Most Read