I was reading the latest Padmapper report today, who publish a Canadian Rent Report in November 2018. I thought I would share it with you, both for the benefit of Kelowna Real Estate Investors and those looking to Rent in our Market.
It analyzes rental data from hundreds of thousands of active listings across the country, these Rental Listings are then aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metro areas, providing a comprehensive view of the current state of the market.
The report is based on all data available in the month prior to publication. Any data that is reported does not include short-term or Airbnb listings.
Overall, 15 Canadian cities saw an upward trend, 5 downward, and 4 remained flat last month. While Kelowna had the largest monthly rental growth rate in the country, up 5.8%, Abbotsford saw the biggest rent dip, down 5.3%. In the top markets, Kitchener moved up 2 spots and back into the 10 again. As we get deeper into the slower moving months, the Number of cities that experienced double-digit year over year growth rates are beginning to decline.
Clearly, this is not good news for those seeking to rent in our area but does highlight that there is room for some of the extra rental inventory that is likely to come onto the market in the next year.
To read the full report go to https://blog.padmapper.com/canadian-rent-trends
To obtain the details of the current rent prices in Kelowna visit https://www.padmapper.com/apartments/kelowna-bc
To Read the latest Kelowna Real Estate Market Update for November 2018 go to https://www.trishcenci.com/blog.html/kelowna-real-estate-market-news-november-2018-5835454