#GLOBALNEWS “No draw”: Kelowna’s saturated condo market blamed on short-term rental restrictions
“No draw”: Kelowna’s saturated condo market blamed on short-term rental restrictions
When James Milacic bought a condo unit at the Playa Del Sol building in Kelowna, B.C., two years ago, he bought it as a short-term rental that would help him make a profit.
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.
As Global’s Klaudia Van Emmerik reports, landlords say while the restrictions were to free up units for long-term renters — those renters are nowhere to be found.
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