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A new report curtesy of Point2 Homes suggests that vacancy rates are on the rise int he Okanagan.
The report collected data on the number of occupied dwellings between 2006 and 2016 to conduct the findings across 28 municipalities in BC.
When it comes to local vacancy rates, Penticton saw a 54.2% jump the number of vacant homes, good for the second-largest increase in the province.
Vernon came third in the province, with a 42.4% increase in vacant homes followed by West Kelowna in sixth.
According to Point2 Homes, investor speculation and short-term rentals are the main culprits behind high vacancy rates in tourists destinations such as the Okanagan.
However, decreasing populations and fluctuations in local economies can also contribute to a spike in the number of vacant homes.
Across Canada, more than 66,000 homes were recorded empty Toronto and around 64,000 vacant homes in Montréal.
Calgary, Ottawa, and Edmonton all have more than 20,000 vacant properties, Vancouver has about 25,000 vacant homes.
In 2016, there were 1.34 million empty and temporarily occupied homes in Canada.
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