Vernon & the North Okanagan · Updated September 2026
Commercial real estate in Vernon, BC
An independent, numbers-first guide for business owners, investors, franchisees, developers and landlords. What each commercial district is really like, what Zoning Bylaw 6000 allows, what the City charges, how triple-net leases work, and what the market is doing right now.
North Okanagan commercial board
- 156active commercial listings, Aug 2026
- 54commercial sales Jan to Aug 2026 ($17.9M)
- ~23months of commercial inventory (our calculation)
- 2.25%Bank of Canada policy rate, held 2 Sept
- +9.34%2026 Vernon business-class tax increase
- 5commercial and industrial zones in Bylaw 6000
Sources: Association of Interior REALTORS®, North Okanagan statistics, August 2026; Bank of Canada; Vernon Matters, April 2026; City of Vernon. Inventory = active listings divided by the 2026 monthly sales pace.
Start with your goal
Four ways into Vernon commercial property
- Lease spaceGross, net and triple-net leases explained, what additional rent really costs, and the clauses to check before you sign.
- Buy for your businessOwner-user buying steps, financing basics, transfer tax, GST and a Vernon-specific due diligence checklist.
- InvestCap rate, NOI and debt coverage maths, plus what the North Okanagan market data can and cannot tell you.
- Sell or lease outPricing a commercial property, the document pack buyers expect, and a net proceeds estimator.
What changed
The rulebook was rewritten between 2024 and 2026
If your picture of Vernon commercial property comes from a few years ago, several of the basics are out of date. These are the changes that matter most for anyone buying, leasing or building.
Old listing sheets still quote zones like C2 or I1. Those codes belong to Zoning Bylaw 5000, which the City replaced in June 2024. Today a downtown retail building is most likely zoned CMUC, and a shop on an industrial street is INDL. Always check the City's current zoning map, not the listing.
- Zoning Bylaw 6000 (24 June 2024). The old C and I zones became five commercial and industrial zones: CMUN, CMUB, CMUC, INDL and INDA. Plain-language zone guide and zone finder.
- Official Community Plan Bylaw 6200 (15 December 2025). Growth is aimed at two Urban Centres, Downtown and Uptown, and four Village Centres: Polson, Jubilee Hill, Waterfront and Alexis Park. District-by-district guide.
- Development cost charges are being rewritten in 2026. The current rates date from October 2024, and Council held DCC bylaw workshops in May and June 2026. Estimate your DCCs.
- Business-class property tax rose 9.34% in 2026. That is roughly $884 more on a $1 million assessment. Tax, PTT and GST guide.
Where the space is
Vernon's commercial districts at a glance
Vernon's commercial property clusters along Highway 97 and in the centres the new OCP names. Each district has a different tenant mix, zone, traffic pattern and set of risks. Tap a number for pros and cons.
- 1Swan Lake / Hwy 97 north (RDNO)
- 2Uptown: Village Green & Anderson Way
- 3Hwy 97 / 32 Street corridor
- 4Alexis Park Village Centre
- 5Downtown Urban Centre
- 6Polson Village Centre
- 7Jubilee Hill (hospital)
- 8Waterfront & Okanagan Landing
- 9Vernon Regional Airport (INDA)
- 10Light industrial (INDL)
Illustration only. Light industrial land is spread across several parts of the city; check the City of Vernon zoning map for exact zones.
Read the full district guide Best locations by business type
Calculators and tools
Run the numbers before you call anyone
Every tool uses Vernon's published fees and BC's tax rules as of September 2026, shows its assumptions, and works on a phone.
Zone finder
Pick a use, from café to cannabis retail to aircraft services, and see which Bylaw 6000 zones list it.
Open the zone finderTriple-net cost estimator
Turn base rent, property tax, insurance and CAM into a real monthly occupancy cost, with GST.
Estimate NNN costsLease vs buy
Compare years of rent against down payment, transfer tax, mortgage, owner costs and equity at sale.
Compare leasing and buyingCap rate & NOI
Net operating income, cap rate, value at a target cap, debt coverage and cash-on-cash return.
Calculate a cap rateDCC estimator
Development cost charges for office, retail, institutional or industrial space, core or outer area.
Estimate DCCsSeller net proceeds
Sale price less commission, GST on commission, legal, mortgage payout and penalties.
Estimate net proceeds
Zoning in one table
Vernon's five commercial and industrial zones
Zoning decides what you can run, how tall you can build and how much floor area a lot can carry. Under Bylaw 6000 the three commercial mixed-use zones step up in scale from neighbourhood corner stores to 16-storey city-centre towers, and the two industrial zones separate general light industry from the airport.
One detail catches people: cannabis retail is allowed in CMUB, CMUC and INDL, but not in CMUN. For cannabis stores, lounges and production sites across BC, see Sean's cannabis facility real estate site.
| Zone | Scale | Height | FAR |
|---|---|---|---|
| CMUN | Neighbourhood commercial | 4 storeys | 2.0 |
| CMUB | Business / community | 6 storeys | 3.5 |
| CMUC | City centre | 16 storeys | 5.0 |
| INDL | Light industrial | 15 m | 2.0 |
| INDA | Airport industrial | 10 m | n/a |
Market & news
Flat sales, deep inventory, and a busy Council
North Okanagan commercial sales are running almost exactly level with 2025: 54 sales worth $17.9 million from January to August 2026, against 55 worth $17.6 million a year earlier. With 156 commercial listings active, buyers have choice and time. Sellers need sharp pricing and a complete document package.
What nobody publishes is a reliable Vernon vacancy rate or average lease rate. We will not invent one. For current lease and sale comparables on a specific building or block, ask Sean.
Village Green Starbucks closing
Part of 250 North American closures; a new vacancy at Uptown's main mall.
Save-On-Foods opens at Landing Plaza
Replaces Buy-Low Foods in South Vernon as the chain's 195th store.
Polson Village Centre plan adopted
Council adopts OCP and zoning amendments and sends liquor stores in CMUN to a public hearing.
Two quick requests
Looking for space, or have space to fill?
Find me space
Tell Sean what you need. He searches listed and off-market options, including space that landlords have not advertised yet.
List or lease out your property
Selling a building, filling a vacant unit or selling a business with its real estate? Start here.
Free download
The Vernon Commercial Due Diligence Checklist
The one-page list Sean uses on every commercial deal: title and leases, estoppels, building condition, environmental site disclosure, Bylaw 6000 zone checks, DCC exposure, RDNO versus City jurisdiction, airport height limits and ALR status. Printable, with the City and provincial links you need.
Your guide
Sean Phillips started in commercial real estate
Sean is a REALTOR® with Coldwell Banker Executives Realty in Vernon, licensed for all of British Columbia and a Top Producer. His real estate career began on the commercial side before the Okanagan lifestyle pulled him into residential work as well, and he brings a 40-year technology background to the numbers. He has also worked on commercial cannabis facility licensing projects with Health Canada, which is why specialty and industrial properties don't scare him.
For BC-wide commercial guides beyond Vernon, Sean also runs Commercial Real Estate Group. For homes and residential listings, visit realestatevernon.ca.
Questions? Call or text
Get current comps before you sign anything
No one publishes a reliable vacancy or lease rate for Vernon, so the numbers that matter come from recent deals. Sean Phillips started his career in commercial real estate and can pull sold and leased comparables, check a property's zone against your use, and tell you what a landlord or seller is likely to accept. Straight answers, no obligation.
- Info Hotline
- 604‑227‑4810
- Sean's direct cell, call or text
- 778‑363‑0542
- chaletsean@gmail.com