Tight rental market conditions persist in 2017 despite new additions to supply!

“According to the result of the Rental Market Survey conducted in October 2017, the vacancy rate in the Kelowna area declined to 0.2%, compared with 0.6% in October 2016.1 Continued tightness in the rental market can be attributed to a variety of factors including a significant increase in rental housing demand outpacing supply, the rising cost of homeownership relative to rents, rising enrolment in post-secondary institutions, strong population growth and growing employment opportunities for young people.

On the supply side, the primary apartment rental universe expanded by 289 units between the October 2016 and October 2017 surveys. These additions to the rental universe, which were mostly bachelor units, were insufficient to meet strong demand for new rental units.”

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Kelowna, Surrey among 2018’s best real estate investment destinations

Western Investor’s annual take on the top five towns to place your real estate investments in Western Canada over the next year

No. 1: Kelowna

The largest city – 127,800 residents – between Metro Vancouver and Calgary, Kelowna is the dominant trading centre for the Okanagan Valley, B.C.’s third most populous region. Together with neighbouring Vernon, West Kelowna, Peachland and Lake Country, the greater Kelowna area has a population of 256,216, up 7.4 per cent from 2011. It also has a blossoming high-tech sector, which has rocketed in the past few years into a $1.3 billion industry that involves more than 200 companies.