The average asking rent in Canada reached another record high of $2,078 in July. Rents increased 8.9% annually, the fastest pace of growth of the past three months. The 1.8% increase in average asking rents over June represented the fastest month-over-month growth of the past eight months.
So many people I know in Kelowna would be homeless if they had to move out now because they are in a place like this. Lots of people are paying half of what the current rents are because they have been in an older place for years. The sad thing is, that older place would be going for something more in line with the rest of rentals if the landlord could rent it again.