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Kelowna  

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The rental vacancy rate in Kelowna has increased by nearly two per cent over the last year.

The Canadian Mortgage and Housing Corporation announced Wednesday in its annual Rental Market Survey that the city’s vacancy rate has increased to 1.9 per cent. It was only 0.2 per cent in October 2017.

The report found the new supply of purpose-built rental apartments outpaced growth in demand, and that resulted in apartment vacancy rates increasing across all bedroom types.

Even though vacancy rates went up, the average rental prices continued to surge. The monthly cost of a two-bedroom apartment in October was $1,267, which was up over the $1,151 mark in October 2017.

For more on this story visit Okanagan Edge.



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