Select Page

Kelowna’s Vacancy Crisis Fuels U-One Success

Kelowna’s Vacancy Crisis Fuels U-One Success


At only 1.0 per cent, Kelowna’s low vacancy rate is fuelling success for Okanagan builder Mission Group, who is seeing a surge of interest in its U-One hilltop condominium community located next to the UBC Okanagan campus.

“Kelowna is nearing a vacancy crisis, particularly in student housing,” says Mission Group Homes president Randy Shier. “We’ve seen rising enrolment at the UBC Okanagan and a rapid decline in rental accommodation in our city. Located within walking distance to class, U-One provides much-needed accommodation and investors are recognizing this as a great opportunity to buy an income-producing property.”

Kelowna currently has the lowest vacancy in Canada at 1.0 per cent. Released in December, Canada Mortgage and Housing Corporation’s (CMHC) Rental Market Survey reports rental conditions tightening across all bedroom types and all ages of the rental stock in Kelowna. The 1.0 per cent is a drop from 1.8 per cent one year prior.

“Investors in U-One can anticipate healthy rental rates,” says Shier. “The supply of rental accommodation in Kelowna has not kept up with the demand. With a growing population and an improving labour market, we’re seeing downward pressure on apartment rental vacancy rates. It’s all great news for investors looking for rental property."

Among Canada’s largest centres, both Kelowna and Vancouver reported vacancy rates at 1.0 per cent with Guelph at 1.2 per cent, Calgary at 1.4 per cent and Victoria at 1.5 per cent. CMHC's Rental Market Survey is conducted twice a year. The number of purpose-built rental units in the Kelowna area has been near a standstill since 2007, according to CMHC.

Designed by award-winning architect Meiklejohn Architects, U-One offers a classic and distinct “campus modern” feel. Each home includes an outside balcony or patio to enjoy the hilltop views while ground units have fenced yards. The 66-home, three-floor community offers one, two and three-bedroom suites ranging from 507 to 1086 sq. ft. Prices start from $189,000.

Onsite trails and a paved pedestrian walkway link to the University and regional hiking and biking trails offer recreational options. Rapid Transit Bus routes connect to downtown businesses and beaches, as well as to most areas of the city.
UBC is updating the long-term development plan for the Okanagan campus in Kelowna with a  planned $400-million construction program for new student housing, academic buildings, and recreational facilities. (see: UBCO Master Plan)

Following their success with the Verve, Mode and Brighton communities, Mission Group is leading the way in 2015 with U-One’s contemporary homes. The U-One presentation centre and display suite are open for viewing Saturday to Wednesday from noon to 4 pm at 975 Academy Way. Learn more at

See more on Okanagan developments:

[downloads ids="122237" full_content="yes" columns="1"]

Related Post

About The Author


Okanagan Life captures the essence of life in the Okanagan Valley with informative and entertaining features on issues that matter to people who live or vacation in this great region, plus stories on Okanagan destinations, personalities, wine, food, history, outdoor recreation and more. We're now in our 30th year of publishing. Subscribe

30,000 giveaway for small business okanagan

Current Issue

yearly-subscribeDigital Edition - Yearly Subscription

Each month, we're giving away 30 free annual subscriptions to celebrate our 30th year in publishing! With a digital subscription, you can enjoy Okanagan Life on your tablet.

Upcoming Events

6:00 pm Communal Table Dinner Series @ Quails' Gate
Communal Table Dinner Series @ Quails' Gate
Mar 21 @ 6:00 pm – 9:00 pm
Communal Table Dinner Series @ Quails' Gate | West Kelowna | BC | Canada
Join us on Wednesday’s for our long table dinners, each time exploring a different theme or region in the world. Enjoy 3 family-style courses for $55 per person (plus tax & gratuity). January 10: France[...]
7:00 pm Hedley: Cageless Tour @ Prospera Place
Hedley: Cageless Tour @ Prospera Place
Mar 23 @ 7:00 pm – 7:00 pm
Hedley: Cageless Tour @ Prospera Place | Kelowna | BC | Canada
HEDLEY Cageless Tour With special guests Shawn Hook and Neon Dreams Friday, March 23 PROSPERA PLACE, Kelowna All Ages / Reserved Seating Doors: 6:00pm / Show: 7:00pm Facebook Presale: Wed, Sept 27 at 10am –[...]
7:30 pm Kelowna Fan Experience 2018 @ Kelowna Community Theatre
Kelowna Fan Experience 2018 @ Kelowna Community Theatre
Mar 23 @ 7:30 pm – Mar 25 @ 10:03 pm
Kelowna Fan Experience 2018 @ Kelowna Community Theatre | Kelowna | BC | Canada
Kelowna Fan Experience March 23, 24 & 25 at Kelowna Community Theatre, Rotary Centre For The Arts, The Black Box Theatre & Okanagan Regional Library New Vintage Theatre is ready to party! It is our[...]
7:30 pm New Vintage Theatre presents The... @ Kelowna Community Theatre
New Vintage Theatre presents The... @ Kelowna Community Theatre
Mar 23 @ 7:30 pm – 9:00 pm
New Vintage Theatre presents The Debaters @ Kelowna Community Theatre | Kelowna | BC | Canada
New Vintage Theatre proudly presents The Debaters LIVE! at KFX 2018 You have heard the hit show on CBC Radio, now see it live as part of our amazing, three day pop culture festival. Headlining[...]


Error: Please enter a valid email address

Error: Invalid email

Error: Please enter your first name

Error: Please enter your last name

Error: Please enter a username

Error: Please enter a password

Error: Please confirm your password

Error: Password and password confirmation do not match