The northern Okanagan hub of Vernon is home to over 48,000 residents – expected to nearly double to over 81,000 residents by 2040. The city is diligently preparing for a population influx, with many multi-family and hotel projects proposed or already in the works. Anderson Way will soon be home to two new hotels – Four Points by Sheraton & Convention Centre and Best Western Premier Hotel. Major multi-family developments such as the BX Crossing, Parkwood Retirement and The Hamlets at Vernon (Phase 1) projects will add close to 400 new units to the region’s apartment inventory – necessary in the face of a declining rental vacancy rate, posted at only 1.5 per cent in 2017. Housing starts are up 22 per cent over 2016, while a population growth rate of 4.2 per cent between 20111 and 2016. The city continues to be a desirable location for retiring migrants and youth, dude to its proximity to education and Vernon-founded retail, technology and agriculture companies such as Kal Tire, Tolko Industries and the Okanagan Spring Brewery.
