A new report from Rentals.ca has Kelowna, B.C., listed as the 10th most expensive city out of 35 others in Canada to rent an apartment.
If you’re looking to rent a one-bedroom apartment in Kelowna, the average price on Rentals.ca is $1,967, up $23 from January, while a two-bedroom apartment will cost you $2,496, also up $10 since the start of the new year.
“There’s too much demand, and not enough supply,” explains Rentals.ca content director, Paul Danison.
“During the pandemic, rents went down as people didn’t move as much, and now post-pandemic, with people moving again, supply becomes the issue again. Interest rates have also gone up which are keeping some people who would be buying their first home, in the rental market.”
According to Danison, Kelowna is just one of many Canadian cities that continues to see the price of apartment rentals rise.
“Vancouver has been rising for quite a while, certainly Toronto and the Greater Toronto area, and then out on the East Coast, it’s Halifax that has seen rent rise quite rapidly,” said Danison.
Data from the Canada Mortgage and Housing Corporation shows that B.C. continues to have the highest rent costs in the country. Danison says if you’re hoping apartment rental prices in Kelowna go down soon, don’t hold your breath.
“We think across the country things will start to cool off a little bit, maybe around the fall, but not in the immediate future,” Danison said.
“Again, supply continues to be a challenge in Kelowna.”
The City of Kelowna is currently building a strategy to help them understand the housing needs of residents both now and in the future, with an end goal of making housing more affordable for everyone.
“Our number one strategy for addressing rents is supply,” said City of Kelowna infill and housing policy manager, James Moore.
“You can’t have 100 people competing for one unit, or you’re going to get rents escalating quickly. So, the number one thing is making sure we have enough supply to meet the demand of the market.”
When it comes to rentals for lower-income families, the city says a plan is in place to get them the housing they need.
“That’s really where our partnerships with other levels of government come in, our partnerships with non-profits, and our incentives,” said Moore.
“We use those tools to really help lower-income households get their housing needs met.”
The housing needs assessment is set to be completed by June of this year, before being presented to city council in July.
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