8th most expensive rentals

The latest Canadian National Rent Report has ranked Kelowna as the eighth most expensive rental market in the nation with prices of one- and two-bedroom units settling at median prices of $1,280 and $1,730, respectively.

Kelowna dropped one spot from last year at this time, as did Hamilton, but the rest of the top 10 stayed unmoved.

According to the August 2019 report conducted by PadMapper, Toronto is the most expensive place in the country to rent an apartment, with one-bedroom places going for $2,300. That's 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 the markets were flat, but year over year increases tell a different story, as 11 cities experienced large, double-digit growth rates in rents. According to PadMapper, this suggests that while the Canadian market has become much more expensive during 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 City rents took the largest dip, down 11%. The cheapest place to find a rental in the country is St. John’s with one-bedroom units going for an average of $810 and two bedrooms priced at $890.

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