Kelowna rents tumbling down

In 2023, Kelowna had a rental vacancy rate of 1.3%. By the end of 2025, the vacancy rate had risen to 6.8%, meaning more than five times as many apartments available for rent. In August 2025, the median monthly rent for a typical 1 bd apartment in Kelowna was a record $2,010. The latest numbers released for January 2026 show the same 1 bd is $1,690 a month, a 16% plunge. For 2 bd apartments, the January median was $2,150 -- a 20% decline.

When Kelowna's vacancy rate was tight, the city, provincial and federal governments worked to spark an apartment building boom by offering developers financing and tax breaks, higher density, reduced parking requirements, less red tape and faster approvals. 6-storey apartment complexes appeared everywhere as supply quickly outstripped demand. High unemployment Kelowna is still unaffordable. It is the 12th most expensive city in Canada to rent an apartment.

Eager to launder money, Troika and Canco Petroleum teamed up for multiple new, very cheap, wood frame condo builds on City land.

Renee Merrifield (renee@troikagroup.ca)

Gas jockey Parmjeet Sehgal (parmjeet@cancopetroleum.ca)

Tom Dyas