WALKER: Rent in Kelowna is on the rise

OPINION

Earlier this week, the Government of British Columbia announced that the maximum allowable monthly rent increase is set to rise from 3.7% this year to 4% in 2018. This is the most significant increase in more than five years.

What might that mean for you? Check out this handy tool that the government has put together.

The rental market in Kelowna is already very challenging, with high rents and a low vacancy rate. This latest measure is only going to further squeeze Kelowna renters, and no doubt put the dream of home ownership even further out of reach.

Padmapper’s latest Canadian Rent Report shows that Kelowna is the seventh most expensive rental market in the nation. The average one-bedroom rental will set you back $1,060 a month, with a two-bedroom for $1,600 a month. Check out the full table from Padmapper here:

Many – not all – local renters would love to get into the Kelowna real estate market, but the current market conditions make this little more than a dream for far too many.

I’m always nervous about government intervention in the real estate market. All too often, government policy is reactive rather than proactive. It’s an area where government policy needs to tread very carefully. Housing has been a significant driver in the Canadian economy (and the BC and Kelowna micro economies) for many years.

If you have any questions about Kelowna real estate, please contact me. I would be happy to help you and answer any questions that you may have. I can be reached at 250-764-4344 or Mark@KelownaProperties.com.

Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His company runs the website KelownaProperties.com – Kelowna’s most comprehensive real estate search tool.

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