Demand for rental housing continues to outpace supply in Kelowna.

Kelowna香蕉视频直播檚 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 city香蕉视频直播檚 need for more affordable and subsidized housing.

香蕉视频直播淥verall, there are not enough affordable rental units being provided to serve residents with lower incomes,香蕉视频直播� Arlene Janousek told council as she presented the report on Monday, March 15.

The report also noted a decrease in 香蕉视频直播渉ousing mobility,香蕉视频直播� which is the ability to move from one type of housing to another 香蕉视频直播� 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 2019香蕉视频直播檚 2.7 per cent, despite much of the city香蕉视频直播檚 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.

香蕉视频直播淭here are lots of people coming here,香蕉视频直播� she said.

Despite a lacking rental stock, city policy planning manager Ross Soward said Kelowna香蕉视频直播檚 strong economy made it something of a 香蕉视频直播渓anding pad香蕉视频直播� for people struggling to find work in other Canadian provinces. He said the city experienced strong interprovincial migration through 2020 and remained one of Canada香蕉视频直播檚 fastest-growing areas.

Demand for ground-oriented housing 香蕉视频直播� townhomes and single-family homes 香蕉视频直播� 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.

READ MORE: Kelowna wants to remove carriage home red tape

READ MORE: Technical issues delay Kelowna council decision on winery香蕉视频直播檚 culinary college

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

Like us on and follow us on .