Rental signs are popping up everywhere in Kelowna , B.C., where the vacancy rate has soared to the highest of any Canadian metropolitan area.

“Supply increased, demand decreased and as a result, we are seeing a softer rental market,” said Shiva Moshtari Doust, B.C. lead economist with the Canadian Housing and Mortgage Corporation (CMHC).

According to CMHC’s annual rental market report, Kelowna’s vacancy rate is now sitting at 6.4 per cent, up significantly from 3.8 per cent last year.

Moshtari Doust said a contributing factor is the outflow of residents due to affordability and changes to Canada’s immigration policies.

“Mostly non-permanent residents are the renter population and that outflow really softened the demand in the market,” she said.

“Non-permanent residents being inter

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