The numbers that show Kelowna’s housing and rental market is immune to the COVID-19 pandemic continue to pile up.
The median rent price of a one-bedroom home in Kelowna dropped $50 in the last month, but the city still moved into the top five of most expensive cities in which to rent, according to statistics released Thursday by PadMapper. The latest Canadian National Rent Report analyzed hundreds of thousands of listings in October to examine median rent prices across the 24 largest cities in the country.
Kelowna is tied with Ottawa as the fifth most expensive city in which to rent a one-bedroom pad, checking in at a median cost of $1,500. That trails only Toronto, Vancouver, Burnaby and Victoria.
Meanwhile, the median cost of a two-bedroom rental in Kelowna decreased as well from September to October, going from $1,790 last month to $1,750 today. That makes it the sixth most expensive price among Canada’s 24 largest centres.
Kelowna’s one-bedroom rate is up 11.9% over last year at this time, while the two-bedroom cost has increased 9.4% since October 2019.
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