Kelowna’s saturated condo market being blamed in part to short

When James Milacic bought a condo unit at the Playa Del Sol building in Kelowna , B.C., two years ago, he bought it for one reason and one reason only.

“I bought it strictly to do short-term rental to make a profit,” Milacic said.

However, several months in, the B.C. government restricted short-term rentals, even in buildings like Playa that were built and zoned for that purpose.

Milacic decided to list the property and sell but with a flood of condos up for sale, it went nowhere.

“During the time of me listing it, which was for six months, my realtor told me there was not a single phone call of interest,” Milacic said.

Milacic is far from alone. In fact, his is one of nearly 20 units currently listed for sale at the Playa building.

“They’re not even getting showings right now,”