The latest Canadian National Rent Report has ranked Kelowna as the 8th most expensive rental market in the nation with the prices of one and two bedrooms settling at median prices of $1,280 and $1,730 respectively.
Kelowna dropped one spot over the same time last year as did Hamilton, but the rest of the top 10 stayed unmoved.
According to the August 2019 report conducted by Padmapper, Toronto sits at the top of the list as the most expensive place in the country to rent an apartment with one bedroom places going for $2,300. This is followed by Vancouver, Burnaby, Barrie, and Montreal.
Overall, five cities on the list experienced an upward trend last month, four downward, and 15 remained stable. More than half of the total markets were flat, but year over year growth rates tell a different story as 11 cities experienced large, double digit growth rates. According to Padmapper, this suggests that while the Canadian market have gotten much more expensive in the past year, it appears that a price ceiling may have been hit in a lot of cities.
Kitchener had the largest one bedroom rental growth rate, up 15.9%, while Quebec’s rent took the largest dip, down 11%. The cheapest place to find a rental in the country is St. John’s with one bedrooms going for an average of $810 and two bedrooms priced at $890.
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