Kelowna passes Victoria as third most expensive place to rent in Canada
Kelowna had the highest month over month increase in one-bedroom rental rates in Canada in February, propelling it past Victoria into the ranking of third most expensive city in Canada, behind Toronto and Vancouver.
“More than half of the nation’s largest monthly and year-over-year rent spikes were located in the top 10 most expensive markets, signaling a return of renters to the pricier Canadian cities as COVID restrictions ease,” states a report issued today, March 15, by the online rental service Zumper.com.
The report says the median rental rate for a one-bedroom apartment in Kelowna was $1,800, which is only $100 per month less than Toronto but still far behind Vancouver’s $2,190.
For Kelowna, that was a 5.3% increase over January’s rental rate and 21.6% above February, 2021. Both are the highest increases for one-bedroom units out of the 23 cities on the Zumper list.
Victoria’s rents only went up 2.3% to $1,790.
When it comes to two-bedroom apartments, Kelowna came fourth $2,150 per month, a 4.9% increase over January and 22.9% higher than last year.
Victoria’s $2,300 per month rent for two bedrooms put it in third, again behind Toronto ($2,400) and Vancouver ($3,020).
READ MORE: Housing sales down but prices jump in Kamloops, Okanagan real estate markets
The most affordable rental rates were in St. John’s, NL at $850 for one bedroom (down 4.5% from January) and $900 for two bedrooms (down 5.3% from January).
In a separate report, Zumper.com shows the median rent for a one-bedroom apartment in Kamloops was $1,528, a 2% decrease from January but 15% higher than last year.
While Kamloops is not on the main Zumper list, that rental rate is just behind Barrie, ON, which is ranked sixth at $1,550 per month.
Two bedrooms in Kamloops rented for $1,764, which is the same as January but up 7% from last year.
Zumper cautions that the Kamloops figures are based on limited data with only seven one-bedroom and four two-bedroom units listed for rent.
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