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There’s relief on the horizon for Kelowna’s rental squeeze – but it may only be temporary.
A recent report from the Canadian Mortgage and Housing Corporation predicts the ultra-low apartment vacancy rate in Kelowna will ease over the next two years, but go back down again in 2019.
With a slew of major new apartment complexes set to complete in the city over the next 24 months, CMHC predicts Kelowna’s rental vacancy rate will improve to 2.5 per cent by the end of 2018.
However, that short-lived relief will start to reverse in 2019, when CMHC says “steady population growth” will keep demand high for new homes.
As a result, vacancy rates are expected to go back down to somewhere between 1.5 and two per cent.
For more on why the CMHC sees a continued rental squeeze in the city, as well as what a healthy vacancy rate would actually look like, check out the full story on Castanet's sister business news website, Okanagan Edge.
