Kelowna is the seventh most expensive rental market in Canada, according to a report by PadMapper. (Pixabay)
Kelowna Ranks 7th Most Expensive Rental Market in Canada: Report
Vancouver and Toronto topped the list of the most expensive rental markets in the country
The pandemic may have stalled many things, but that doesn’t seem to be the case with rental rates.
PadMapper published its report on rental rates in Canadian cities and found that rental rates rose in several cities in two months.
Kelowna cracked the top ten most expensive cities in the country, finishing in seventh place. The median monthly rent for a one-bedroom unit is $ 1,520, up 2.7 percent, and $ 1,800 for a two-bedroom, up 1.1 percent from last month.
“The recovery from rental market trends in 2020 appears to have begun as demand is currently driving prices up,” the report said.
“With many Canadian residents likely to be fully vaccinated by the fall, renters may be preparing for a sense of normalcy that is slowly returning as they look for their next apartment again.”
Vancouver and Toronto both topped the list of the most expensive rental rates in the country, rising for two straight months.
PadMapper’s report shows that rent in Vancouver this month rose 1 percent to an average of $ 1,950 for a one-bedroom unit and 2.2 percent, an average of $ 2,730 for a two-bedroom apartment is equivalent to.
The average one-bedroom rental unit in Toronto is now $ 1,800 and a two-bedroom apartment is $ 2,320.
READ MORE: BC Government Budget Increases Beyond COVID-19 Response
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