https://www.investkelowna.com/

https://www.investkelowna.com/

Kelowna area is the fastest growing in B.C.

The Kelowna CMA is also the fourth fastest growing in Canada

The Central Okanagan is the fastest-growing metro area in B.C. at 1.9 per cent and the fourth fastest in Canada, according to the latest Statistics Canada data.

In 2020, the estimated population for the Kelowna census metropolitan area (CMA), which covers the area from Lake Country through Peachland, was 222,778, compared to 217,229 in 2019.

These numbers come as the Central Okanagan Economic Development Commission (COEDC) released its Q4 2020 economic and job market indicators report.

Over the last 10-months during the COVID-19 pandemic, the COEDC has focused on supporting local businesses’ needs and economic recovery in the Central Okanagan.

During this time, the Central Okanagan region saw a slight decrease in the labour force of 1.4 per cent, and 2020 came to a close with a 4.7 per cent unemployment rate.

Despite businesses reopening and staff members rehired, new job postings decreased in 2020 by 28.7 per cent compared to 2019. Meanwhile, job seekers – individuals who created a profile in job portals – increased by 12.7 per cent.

However, the region did see an increase in business licenses of 4.7 per cent or 1,453 in total for the year. Lake Country took the lead with an increase of 16.2 per cent in business license growth for the Central Okanagan.

With the labour force taking a dip in the Kelowna CMA, so did housing stats as the region saw a decrease by 19.4 per cent, with the focus remaining on multi-family units.

According to the Canadian Mortgage and Housing Corporation, the median price for a single or semi-detached home in the Central Okanagan sits at $877,500, which is a price decrease of 7.7 per cent in 2020.

The vacancy rate for two-bedroom apartments increased to 1.3 per cent in 2020 from 2.6 per cent in 2019 — representing a 50 per cent decrease.

For a two-bedroom apartment, the average rent in the Kelowna CMA is $1,368 a month, compared to $1,320 in Calgary and $1,799 in Vancouver.

For more on the report, click here.

READ MORE: Petition to keep Wells Gray murderer in jail garners 39K signatures and counting


@Jen_zee
jen.zielinski@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Housing

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A nurse performs a test on a patient at a drive-in COVID-19 clinic in Montreal, on Wednesday, October 21, 2020. (THE CANADIAN PRESS/Paul Chiasson)
30 new COVID-19 cases, five more deaths in Interior Health

This brings the total number of cases to 7,271 since testing began

West Kelowna City Hall on Cameron Road. (File photo)
Rose Valley water treatment facility to cost less than planned

The contract of $45.1 million was awarded to developer Maple Reinders Constructors Ltd .

Crash on Enterprise Way, Feb 23. (Jen Zielinski, Black Press Media)
Tuesday evening’s commute stalled by 3 vehicle collision

The incident backed up traffic on Enterprise Way at Dilworth Drive

A $3,000 donation from the Gary Bennett Family Fund will go towards baby products for families in need. (Central Okanagan Food Bank)
Okanagan charity donates $3,000 to support young families

The Gary Bennett Family Fund donated to Central Okanagan Food Bank

Project rendering of Hadgraft Wilson Place (CNW Group/Canada Mortgage and Housing Corporation)
68-unit affordable housing complex coming downtown Kelowna

The six-storey complex located on Fuller Ave is set to be completed by fall 2022

Dr. Bonnie Henry talk about the next steps in B.C.'s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
456 new COVID-19 cases in B.C., 2 deaths

Since January 2020, 78,278 have tested positive for the novel coronavirus in B.C.

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. (THE CANADIAN PRESS/Nathan Denette)
Vaccinating essential workers before seniors in B.C. could save lives: experts

A new study says the switch could also save up to $230 million in provincial health-care costs

The late Michael Gregory, 57, is accused of sexually exploiting six junior high students between 1999 and 2005. (Pixabay)
Former Alberta teacher accused of sexually assaulting students found dead in B.C.

Mounties say Michael Gregory’s death has been deemed ‘non-suspicious’

According to a new poll, a majority of Canadians want to see illicit drugs decriminalized. (THE ASSOCIATED PRESS)
Majority of Canadians think it’s high time to decriminalize illicit drugs: poll

More than two-times the B.C. residents know someone who died from an overdose compared to rest of Canada

Ranchero Deep Creek firefighters respond to a blaze involving two adjacent structures at a property off of Deep Creek Road on Sunday, Feb. 21. The buildings were believed to have been used as part of a cannabis growing operation, and RCMP are investigating. (Sean Coubrough/CSRD photo)
Ranchero Deep Creek firefighters respond to a blaze involving two adjacent structures at a property off of Deep Creek Road on Sunday, Feb. 21. The buildings were believed to have been used as part of a cannabis growing operation, and RCMP are investigating. (Sean Coubrough/CSRD photo)
Shuswap firefighters responding to structure blaze find cannabis grow operation

RCMP investigating, attempting to track down owner of property

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Interior Health officially declared a COVID-19 outbreak at Creekside Landing in Vernon on Jan. 3, which was followed by the first death from the virus 10 days later. (Kaigo photo)
COVID outbreak over at Vernon care home

Creekside Landing cleared of coronavirus, despite additional death in last day

(Stock photo)
EDITORIAL: The freedom to read

Books have been challenged many times in the past

Most Read