Vacancy rate remains low as rents rise in Penticton

PENTICTON – Latest statistics from Canada Mortgage and Housing back up what city staff and council are saying about a tight rental market in Penticton.

Discussion around zoning and bylaw amendments to allow construction of several apartment blocks in the city at council meetings earlier this year have centred on the need for affordable rental housing in Penticton.

The Canada Mortgage and Housing report notes vacancy rates for bachelor units are at four per cent while there are no three bedroom units currently available in the city.

Two bedroom apartments are also scarce, at a 0.6 per cent vacancy rate, while one bedroom units are more plentiful, at 1.2 per cent.

There are a total of 2,063 rental units in the city’s inventory up 35 a year ago.

Rental rates are up from an average of $764 in 2015 to $800 this year. 

Average prices range from $609 for a bachelor suite to $1,019 for a three bedroom apartment.

The report says demand for housing is up in Southern B.C. due to higher levels of migration and development, noting vacancy rates in Penticton are currently at 1.1 per cent, compared to an average of 1.3 per cent provincially.


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Steve Arstad

I have been looking for news in the South Okanagan - SImilkameen for 20 years, having turned a part time lifelong interest into a full time profession. After five years publishing a local newsletter, several years working as a correspondent / stringer for several local newspapers and seven years as editor of a Similkameen weekly newspaper, I joined iNFOnews.ca in 2014. My goal in the news industry has always been to deliver accurate and interesting articles about local people and places. My interest in the profession is life long - from my earliest memories of grade school, I have enjoyed writing.
As an airborne geophysical surveyor I travelled extensively around the globe, conducting helicopter borne mineral surveys.
I also spent several years at an Okanagan Falls based lumber mill, producing glued-wood laminated products.
As a member of the Kaleden community, I have been involved in the Kaleden Volunteer Fire Department for 22 years, and also serve as a trustee on the Kaleden Irrigation District board.
I am currently married to my wife Judy, of 26 years. We are empty-nesters who enjoy living in Kaleden with our Welsh Terrier, Angus, and cat, Tibbs.
Our two daughters, Meagan and Hayley, reside in Richmond and Victoria, respectively.

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