City of Kelowna officially seeks approval to loosen restrictions on short-term rentals
Global News
Kelowna is flooded with empty condo and rental units, with the city's vacancy rate now the highest in all of Canada at more than six per cent.
What was once an investment property for James Milacic has become a financial burden.
“I’ve already lost tens of thousands of dollars,” Milacic told Global News. “I’m going to continue to bleed.”
Milacic owns a unit at Kelowna, B.C.’s Playa Del Sol building, which was built and zoned for short-term rentals.
However, due to provincially-mandated restrictions on short-term rentals (STR), Milacic has been unable to rent it to tourists since May 2024.
“I tried selling it last year. I couldn’t even sell it and then I dropped it in price, my monthly rent. I dropped that price by $1,000. I couldn’t rent it,” he said.
Kelowna is flooded with empty condo and rental units, with the city’s vacancy rate now the highest in all of Canada at more than six per cent.
It’s among the reasons why the city wants the restrictions on short-term rentals loosened.
On Monday, city council voted unanimously in favour of asking the province to opt out of the Short Term Rental Accommodation Act and for that approval to be granted sooner rather than later.
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