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By Liam Verster

Vacancy Rate Tripled

Vernon’s vacancy rate rose to 3.2 per cent in 2025

Jan 7, 2026 | 11:26 AM

Vernon’s vacancy rate more than tripled over the past 12 months.

A report from the Regional District of North Okanagan’s Regional Growth Management Advisory Committee stated Vernon’s vacancy rate rose to 3.2 per cent in 2025.

That was up from the rate of 1.1 per cent recorded in 2024.

This vacancy rate was also the highest its been since 2014.

“A healthy rental vacancy rate is generally considered to be 3 per cent to 5 per cent, balancing landlord needs for steady income with renters’ ability to find homes, but rates vary by location, with rates below 3 per cent indicating high demand (tight markets) and above 5 per cent suggesting more renter choice,” the report read.

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It was also noted that Canada had a national vacancy rate average of around 3.1 per cent for purpose-built rentals in 2025.

While more housing has become available, the price to rent them has also gone up.

The committee’s report said the average rental prices for housing in Vernon was approximately $1,406 per month in 2025.

That was up $93 from the $1,313 per month average recorded in 2024.

A total of 719 building permits were issued across the North Okanagan in 2025, with 285 of those based in Vernon.

Comparatively, 689 permits were issued across the region in 2024, though 300 of those were located within Vernon.

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