Rental prices across the country have steadily increased in recent years and residents in the Okanagan are not immune to that.
In a new report, Kelowna, B.C. is listed in the top five most expensive markets for rentals in the country and four British Columbia markets also made the list.
The rise in prices can be attributed to numerous factors.
“Rental housing has had a persistently low vacancy rate and prices have been increasing over the past number of years. So it’s something we’re seeing affordability is a challenge in,” said James Moore, City of Kelowna Infill and Housing Policy manager.
In a new report by zumper.com, Kelowna is listed as having one of the highest median one-bedroom rent prices across the country. Four markets in British Columbia cracked the top five.
Vancouver is the most expensive city in Canada to rent, sitting at an average price of $2,480. Vancouver also had the highest price for a two-bedroom apartment at $3,500.
Toronto came in second at $2,300 a month for a one-bedroom, which is a 1.80-per cent increase from the month prior.
Burnaby was at three with a median price of $2,200, however, the average rent for a two-bedroom is $3,170.
British Columbia’s capital city, Victoria, currently has an average rent price of $2,100.
Rounding out the top five is Kelowna and although the average price fell by 1.5 per cent, it still remains at $1,920 a month.
The city says that one in three people in Kelowna live in rental housing and one of their top priorities right now is to make sure housing needs are addressed.
“Always making sure that we have enough new supply coming online. If you don’t have enough new supply then you have a lot of people competing for a constrained supply, and that means prices go up,” Moore said.
B.C. Minister of Housing Ravi Kahlon says part of the rental price increases can be attributed to an absence of funding in years past.
“Two decades of lack of investment has got us to the problem we’re in now. We’re paying the price in communities now, we need more housing and we need it done fast,” said B.C. Housing Minister Ravi Kahlon.
- Canadian man dies during Texas Ironman event. His widow wants answers as to why
- Several baby products have been recalled by Health Canada. Here’s the list
- Canadian food banks are on the brink: ‘This is not a sustainable situation’
- Invasive strep: ‘Don’t wait’ to seek care, N.S. woman warns on long road to recovery
The ministry will also be working with the city and city councillors on new projects.
“Create policies that will be incentivizing rental units to be built, finding ways to create density in communities that is not overwhelming, but at the same time gets those units online for people,” Kahlon said.
The city has incentivized over 2,900 rental units in the past 10 years and they continue to add even more housing options to the market.
“We’ve brought on a historic amount of rental over the past decade. Our hope certainly is that the kind of numbers we’re seeing in supply will really help ease the tight rental market,” said Moore.
Moore says the city has nearly 5,000 rental units in development stages for the coming years.
Comments