Kelownas vacancy rate hits close to rock bottom

Kelowna's vacancy rate for rentals has continued to decrease, and now sits at 0.2 percent.

That's according to the latest numbers from the Canada Mortgage and Housing Corporation, which say that a healthy vacancy rate usually comes in at about 4 percent.

That compares to Vancouver at 0.9 percent, Toronto at 1 percent, and Montreal at nearly 3 percent.

Along with a decrease in vacancy rate, Kelowna saw the highest increase in average cost of rent, which now comes in at $1,043.

That represents an increase of 8.6 percent.

Vancouver's average rent is still highest at $1,552 dollars per month, with Toronto and Calgary coming in right behind.

If you want a cheap rate, move to Trois Rivieres in Quebec, where chances are good you can get a two bedroom for less than $600 a month.

Nationally, the rental supply increased by 1.2 percent, which is about half the rate of increase observed in 2016.