Home NEWS Kelowna named sixth most costly lease market in Canada

Kelowna named sixth most costly lease market in Canada

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Rental charges in Kelowna are skyrocketing and have been for plenty of years.

Based on a current CMHC report, in 2015, the typical one-bedroom was roughly $900.

Quick-forward to February 2021, and market evaluation reveals that the identical unit would go for $1,450 — an enormous 61 per cent enhance.

The exact same analysis report says Kelowna has the sixth highest lease common for main cities in Canada.

Learn extra:
Kelowna residents can’t afford to purchase real estate, report says

The rise has pressured many renters to spend upwards of 30 to 50 per cent of their earnings on housing.

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“I got here from the restaurant enterprise, I needed to shut my enterprise in Vancouver. For me, $1,450 just isn’t inexpensive,” mentioned Danielle Cecarelli, a Kelowna resident.

“It’s a rip-off, it truly is,” mentioned Eric Nelson, a Kelowna resident.

“That’s an excessive amount of cash popping out of your paycheque for lease.”

Kelowna metropolis workers shall be presenting a rental housing grant suggestion to council at its subsequent assembly, with a plan to encourage the event of a 102 unit inexpensive housing undertaking.

Learn extra:
City of Kelowna still waiting for money from speculation tax, mayor says

Town planner specialist is proposing a rental housing grant of $300,000 for 2175 Benvoulin Street, a Society of Hope undertaking.

It will home seniors and others on mounted and low incomes.

Twenty per cent of the items could be deeply backed, in line with the society.

Metropolis workers say the grant is meant to offset the price of constructing inexpensive rental housing and could be utilized towards the event price costs for the undertaking that are estimated to be practically $3 million for this undertaking.

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Click to play video '2020 Okanagan real estate market sees highest sales ever'



2020 Okanagan actual property market sees highest gross sales ever


2020 Okanagan actual property market sees highest gross sales ever – Jan 7, 2021


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