For years, the development market in Kelowna was heavily skewed to the for-sale condo market.
As the rental vacancy rate dropped dangerously close to zero, the city tried numerous incentives to induce developers to build much-needed rental units across the city.
Over the past year, as interest rates climbed and incentives, both from the city and federal government strengthened, the development market has done a complete 180 degree turn.
The number of rentals being approved by city council and entering the pipeline have far outpaced the for sale market.
This month alone, Kelowna city council has approved 445 rental units while another 880 have entered the pipeline, more than
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