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Kelowna-Okanagan Multifamily Market Report 2020 Q4

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The Okanagan population continues to grow with Kelowna leading the way resulting in a decline in vacancy rates. Demand continues to increase over supply creating stable cap rates and returns.

  • Average price per suite reaches $280,000.
  • Vacancy drops to 2.1%, Rutland sees minimal vacancy at 0.4%.
  • Rental rates see an increase of 3.4%, with an average rent price of $1,255 for 1-bedroom suites.
  • The entire Okanagan market has lower vacancy rates in comparison to Vancouver and Victoria.

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Kelowna-Okanagan Multifamily Market Report 2020 Q4

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For More Information, Please Contact:

Jack Shabbits

Senior Associate | Sales & Leasing | Okanagan Valley

Kelowna

Jack joined Colliers Kelowna in May 2007 as a member of the Sales and Leasing team.  For the past fourteen years, Jack has been focusing on commercial sales and leasing and has gained valuable market knowledge in the Okanagan. 

Jack has a wide spectrum of experience in sales and leasing and will be focusing on the land, building, and investment sales.  Jack brings his extensive knowledge of inventory, market conditions, lease comparables, trends and financial analysis to each client relationship.

Jack's business background, combined with his experience and dedication to the industry, has made him a great asset to his clients and relationships.

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Andre Garon

Senior Associate

Surrey

Andre is a real estate professional with over 28 years of experience in the valuation and  preparation of expert appraisal reports for various types of commercial and residential assets. His specific strength is in the valuation of industrial, retail, multi-family, and mixed-use assets, and development land.  Having joined the Appraisal Institute in 1992, he has completed many industrial, retail, and development land appraisals for developers, investors, and for several of the major bank’s commercial divisions, mainly in the Vancouver and Lower Mainland, but also all over the province of British Columbia.

Most recently, Andre has become the main point of contact within the Okanagan Valley in British Columbia for the Colliers appraisal team. He focuses his services in development land, retail and office properties, and industrial properties.  

Andre has been accepted by the BC Supreme Court and private arbitrations as an expert witness in real estate appraisal matters.  

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