Kelowna rents ease as B.C. leads Canada in rental price declines
Kelowna city skyline. (Image Credit: Vernon Matters Staff)
Renters in Kelowna are seeing modest relief as new data shows British Columbia continuing to lead the country in declining asking rents.
The latest figures rank Kelowna 29th nationally, with average asking rents for condos and apartments sitting at about $2,051. That represents a 0.3 per cent decrease month-over-month and a 6.3 per cent drop compared to last year.
Across B.C., officials said a combination of stronger renter protections, tighter restrictions on short-term rentals and increased housing supply is helping ease pressure on the market. The province also points to rising vacancy rates and record levels of rental construction as signs of continued momentum.
Government data indicates rental development remains elevated across the province, including in Kelowna and other Interior communities, as housing starts and purpose-built rental projects continue to climb.
The provincial government said those efforts are aimed at improving affordability and increasing choice for renters as demand remains high in many B.C. markets.
