New regulations may cool down rental prices in Kelowna, B.C., which rentals.ca ranked as the ninth most expensive rental market in Canada.
On rental.ca, the average rental listing in Kelona for a one-bedroom was $1,299 and $1,754 for a two-bedroom. Comparatively, the average national rent for all bedroom types in February was $1,800 – a 1.8% increase from the month prior.
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Reacting to a tightening rental market, the Kelowna City Council voted in early March to add restrictions to short-term rentals on platforms such as AirBNB by licensing owners $345 a year. According to local news outlet Salmon Arm Observer, the move is expected to open up a few more units for long-term rentals.
Kelowna Community Planning Manager Ryan Smith told Salmon Arm Observer that he estimated 700 to 800 units could be added to rental market after the new regulations are enforced. Smith added, however, that “because of the seasonality” nature of tourism in Kelowna, that number is hard to predict.
Additionally, Taylor Pardy, a senior analyst at the Canada Mortgage Housing and Corporation (CMHC), told Salmon Arm Observer that the vacancy rate will be higher in 2019 and 2020 than in the past three years because of “the volume of apartment rental units currently under construction.”
Duffie is an award-winning writer and managing editor of Key Media’s Manila editorial team.
Originally a visual arts journalist, he has covered important international art events – including the biennales of Venice and Singapore and Art Basel – for various regional and global publications. He now contributes to Key Media’s diverse stable of business titles across different markets, including Mortgage Professional, Insurance Business, and The Educator.
