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A new country-wide rent report pegs Kelowna as the seventh most expensive city in Canada for renters.
In fact, PadMapper’s February Rent Report shows that the average cost of rental units in Kelowna has actually surpassed average rental prices in Calgary.
In Kelowna, the average rent in February for a one bedroom unit was $1,340 and for two bedroom units the average rent sits at $1,600.
According to PadMapper, those costs have soared past Calgary, where the average price of a one bedroom unit is $1,130 and $1,360 for two bedrooms.
Year over year, the cost of a one bedroom unit in Kelowna has skyrocketed, showing a 15.5% increase when compared to prices in February 2018.
However, the cost of a two bedroom unit has actually decreased over the past year, showing 1.8% drop when compared to prices in February 2018.
Even with the large increase in the price of one bedroom units over the past 12 months, Kelowna remains the cheapest of the four B.C. cities sitting in the top 10.
After being taken over by Toronto, Vancouver is currently the second most expensive city for renters in Canada, with Burnaby sitting third and Victoria not far behind in fourth place.
Abbotsford, where the average price of a one bedroom unit is $950, sits at 18th and is the only other city in B.C. to make the 25 Canadian cities on the list.
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