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Research

Thompson Okanagan Multifamily Market Report Q3 2018

Thompson Okanagan Multifamily Market Report Q3 2018

Thompson Okanagan Multifamily Market Report Q3 2018

Over the 12 months since Q3 2017, the Thompson Okanagan multifamily market has seen 27 sales transactions of rental properties totaling just under $149.8 million. More than half of these transactions (16) occurred during the last six months, amounting to just over $97.4 million.

  • In the October 2017 Rental Market Report, CMHC reported a vacancy rate for the Kelowna CMA of 0.2%. This was the lowest reported rental vacancy rate in the country as demand for rental housing continued to outpace supply in the market.

  • Developers have started to respond to the rental shortage in Vernon with 376 new rental units currently under construction or planned for development. In addition, there are three proposals for affordable housing, totaling 130 units.

  • The Kamloops multifamily market continues to be one of the most active markets in the Thompson Okanagan - recording almost $74.5 million in sales during the last 12 months.

  • In terms of volume, the Penticton multifamily market was the most active market in the Thompson Okanagan during the last 12 months - recording 10 sales transactions worth almost $22.7 million.

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