According to PadMapper, who released a report in May 2017, Kelowna’s rent levels have become the 8th highest in Canada.
Kelowna’s room rents fell 1.9% from the previous month, up 10.9% from last year. The rents for two rooms rose 5.3% from the previous month, up 12.7% from last year. The fast rise in rents has attracted a large number of local and foreign investors, and the purchase of a rental property has become one of the best investments. Every new house in craigslist, kijiji, or castanet rental website will receive roughly 20-30 requests to rent.
In addition, many renters have saved up and have also joined the ranks of buying a house. Monthly mortgage (if the apartment or even the townhouse but also with the property costs) have become generally below the cost to rent. Kelowna’s apartments and townhouses are very popular, and several reasonable 2 or 3-room units will receive an accepted offer for purchase within the first week on market.
Kelowna’s housing market has a huge potential, and there are very few properties now for less than $600,000.
Kelowna residents should also receive a notice for property tax this month, before July 4 this year to pay land tax. The rise in housing prices does not necessarily mean an increase in land tax. The rise and fall of the land tax is the percentage of the amount that the city needs to make.
Kelowna Real Estate Team