Demand for rental housing continues to outpace supply in Kelowna.

Kelowna91裸聊视频檚 2020 annual housing report highlights trends in the city during the pandemic-disturbed year. It shows the resilient local economy ended the year with more jobs than it started despite the turmoil caused by the COVID-19 pandemic. In turn, this caused local housing prices and rental rates to boom, putting more pressure on the city91裸聊视频檚 need for more affordable and subsidized housing.

91裸聊视频淥verall, there are not enough affordable rental units being provided to serve residents with lower incomes,91裸聊视频� Arlene Janousek told council as she presented the report on Monday, March 15.

The report also noted a decrease in 91裸聊视频渉ousing mobility,91裸聊视频� which is the ability to move from one type of housing to another 91裸聊视频� such as from rental to ownership or subsidized rental to market rental. This is exacerbated by rising home prices and falling rental vacancies.

In 2020, the rental vacancy rate fell to 2.1 per cent from 201991裸聊视频檚 2.7 per cent, despite much of the city91裸聊视频檚 post-secondary student population not being present through most of 2020. Coun. Gail Given said that number needs to increase by the fall when students could return to in-person classes.

91裸聊视频淭here are lots of people coming here,91裸聊视频� she said.

Despite a lacking rental stock, city policy planning manager Ross Soward said Kelowna91裸聊视频檚 strong economy made it something of a 91裸聊视频渓anding pad91裸聊视频� for people struggling to find work in other Canadian provinces. He said the city experienced strong interprovincial migration through 2020 and remained one of Canada91裸聊视频檚 fastest-growing areas.

Demand for ground-oriented housing 91裸聊视频� townhomes and single-family homes 91裸聊视频� increased in the city more than in previous years. Soward said this could be attributed to people seeking more space as they spent more time at home through 2020. However, apartment sales still earned the highest market share, accounting for around 35 per cent of total sales.

Around 85 per cent of currently planned and under construction developments are set to be multi-family.

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Do you have something to add to this story, or something else we should report on? Email: michael.rodriguez@kelownacapnews.com

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