The Kelowna metropolitan area (Lake Country to Peachland) was the fourth most expensive region in Canada for monthly rent in 2022.
The average rent for two-bedroom rental condos was $2,234 as of October last year, while a unit in a purpose-built rental building came in at $1,690.
Vancouver, Toronto, and Victoria topped the list ahead of Kelowna for average rents.
The information is contained in the Canadian Housing and Mortgage Corporation’s (CHMC) 2022 Rental Market Survey.
The vacancy rate in the Kelowna metropolitan area for rental condos as of Oct. last year was 0.7 per cent, and 1.2 per cent for purpose-built units.
A staff report to Kelowna council Jan. 20 stated that more action is needed on housing affordability in the city.
The CHMC report noted that rental demand surged across the country in 2022.
“This was a reflection of higher net migration and the return of students to on-campus learning. Another factor was higher mortgage rates, which drove up already-elevated costs of homeownership.”
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affordable housingCentral Okanagan Regional DistrictHousing crisisKelownarental market