Home Canada Kelowna named 6th most expensive rent market in Canada

Kelowna named 6th most expensive rent market in Canada

67
0
Kelowna named 6th most expensive rent market in Canada

Rental rates in Kelowna are skyrocketing and had been for a need of years.

According to a fresh CMHC file, in 2015, the in model one-bed room used to be roughly $900.

Early Newspaper

Posthaste-forward to February 2021, and market evaluation displays that the same unit would trek for $1,450 — a colossal 61 per cent increase.

The correct same evaluation file says Kelowna has the sixth highest rent average for main cities in Canada.

The increase has compelled many renters to spend upwards of 30 to 50 per cent of their income on housing.

Memoir continues below commercial

“I came from the restaurant business, I had to end my business in Vancouver. For me, $1,450 is no longer affordable,” acknowledged Danielle Cecarelli, a Kelowna resident.

“It’s a rip-off, it in actuality is,” acknowledged Eric Nelson, a Kelowna resident.

“That’s too noteworthy cash coming out of your paycheque for rent.”

Kelowna metropolis workers will seemingly be presenting a rental housing grant advice to council at its subsequent meeting, with a thought to support the construction of a 102 unit affordable housing project.

The metropolis planner specialist is proposing a rental housing grant of $300,000 for 2175 Benvoulin Boulevard, a Society of Hope project.

It can house seniors and others on mounted and low incomes.

Twenty per cent of the devices might be deeply backed, according to the society.

City workers direct the grant is intended to offset the rate of building affordable rental housing and might be utilized against the construction cost prices for the project that are estimated to be almost about $3 million for this project.

Memoir continues below commercial


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



2020 Okanagan staunch property market sees highest sales ever


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

© 2021 International News, a division of Corus Entertainment Inc.

Source:
Kelowna named 6th most expensive rent market in Canada