Vernon: Northern Okanagan's retail, technology and agriculture hub

The city's rapidly-growing population is supported by a 22 per cent increase in housing starts, along with new major hotel developments to draw in tourism

By
Western Investor
January 16, 2018





vernon

 

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. 

 

Tanya is Western Investor's web content and social media coordinator. She first joined the Western Investor team as a editorial assistant in 2016, after a summer spent freelancing at Glacier Media papers The Burnaby Now and New West Record. She is a graduate of Langara College's journalism program.
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