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The Okanagan's largest city is also one of western Canada's most expensive for renters.
According to PadMapper’s latest national rent report, Kelowna has jumped two spots from July's report and is now pegged as the sixth most expensive market in the country.
The median price for a one-bedroom unit in Kelowna is $1,480 a month, representing a 4.2% jump in price since July and a 15.6% spike from prices this time last year.
Looking at two-bedroom units, the median price of $1,750 stayed relatively flat with only a 0.6% increase month to month and a 1.7% bump from August 2019.
Comparatively, the price of a one-bedroom rental actually dipped 0.6% last month in Victoria to $1,590.
However, the cost of one-bedroom in BC's capital has spiked 14.4% year over year, with the price of a two-bedroom having increased 15% since this time last year.
Calgary offers some of the best rental prices in the country for a city its size, where renters can find a one-bedroom at an average of $1,130 and a two-bedroom for $1,350.
Looking across the rest of the country, average rent prices in Kelowna are also higher than cities such as Saskatoon, Winnipeg, Edmonton and Halifax.
Nationally, Toronto has surged passed Vancouver to once again become the most expensive city for renters in Canada, with Vancouver sitting second, Burnaby third and Barrie, Ontario placing fourth.
To read the full report, click here.
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