The vacancy rate in the Central Okanagan has increased significantly, reaching 3.8 per cent in October 2024, according to the Canadian Mortgage and Housing Corporation (CMHC).
The CMHC91ÂãÁÄÊÓƵ™s Fall 2024 Rental Market Report shows a sharp rise from October 2023, when the vacancy rate in the Kelowna Census Metropolitan Area (which includes Lake Country to Peachland) was just 1.3 per cent.
This jump places the Central Okanagan tied for the third-highest vacancy rate in Canada, alongside St. Catharines-Niagara. Calgary recorded the highest rate at 4.8 per cent, followed by Saint John at 4.0 per cent. A three per cent vacancy rate is often considered healthy by experts, providing a balanced market for both tenants and landlords.
Historical data from CMHC reveals that the vacancy rate in the Kelowna area has exceeded 3 per cent only four times in the past 20 years. It hit 3.4 per cent in both 2009 and 2010, 3.1 per cent in 2011, and at 4.0 per cent in 2012.
However, while there are more apartments available, rents continue to climb. CMHC reports the average monthly rent for a two-bedroom unit in the Kelowna CMA rose from $1,805 in October 2023 to $1,935 in October 2024.
