housing
A SHORT-TERM VIEW TO A LONG-TERM ISSUE In an effort to boost rental housing supply in British Columbia, the provincial government enacted restrictions on short-term rentals. Notably, very few of these homes are suitable for long-term habitation.
With the ever-expanding popularity of short-term rental accommodations and a growing shortage of housing in many parts of British Columbia, the provincial government opted to place tight restrictions on what could be used as short-term rentals in municipalities of 10,000 people and greater with some exceptions, starting May 1st. Only principal residences, secondary suites, and accessory dwelling units are allowed to be used as short- term rentals. And while the number of long- term rental listings in major markets in BC have increased since the beginning of May, the majority of short-term rental listings
are in dwellings not suitable for long-term housing (whether rented or owned). Here in the Central Okanagan, a higher share of short-term rentals (to serve a notable tourism industry) has meant a greater impact than elsewhere in the province. Peachland had the highest share of short-term rentals at 6.7% of total housing stock, however, an amount equivalent to 3.1% of stock was considered suitable for long-term dwelling. West Kelowna, meanwhile, has opted out of the policy because it has sufficient rental housing vacancy.
STOCKING UP ON RENTAL HOMES
8.0%
7.0%
6.7%
6.0%
5.7%
3.1%
5.0%
4.6%
1.8%
4.0%
4.0%
1.4%
1.1%
3.0%
2.0%
1.0%
0.0%
KELOWNA
WEST KELOWNA
LAKE COUNTRY
PEACHLAND
SHORT TERM RENTALS
POTENTIAL LONG TERM DWELLINGS
SOURCE: STATISTICS CANADA DATA: PROPORTION OF HOUSING STOCK BEING USED AS SHORT-TERM RENTALS AND PROPORTION OF SHORT-TERM RENTALS WITH POTENTIAL FOR LONG-TERM DWELLING, CENTRAL OKANAGAN
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