Owning a home of any kind in Kelowna is out of reach for most people, according to a home valuation conducted by the Regional District of Central Okanagan (RDCO).
In the assessment, the RDCO states that the median income of couples in Kelowna, which is projected to be $ 82,000 annually as of 2015, cannot help them buy a townhouse or single family home without more than 30 percent of their income on their mortgage to spend.
It’s even worse for a single parent or single-person household, as the report says there are no affordable options available to buy a home based on the average price, including condos.
“The community is growing fast and housing affordability is a challenge for people across the board,” said James Moore, Kelowna City Policy Planning Manager.
“I don’t think that, as this assessment shows, will change anytime soon.”
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Rents are cheaper, according to the report, as couples can typically afford most types of rental housing. For single-person households, however, they can only afford to rent a studio or one-bedroom apartment in Kelowna.
“The city of Kelowna is a place where prices tend to rise even faster than the region,” said Moore.
At this point in time, West Kelowna is considered to be the most affordable community to buy property in Central Okanagan. However, according to the report, couples with a median income in this community ($ 90,000 per year) can only afford to buy a condo to stay within 30 percent of their gross income.
Row houses and houses remain out of their reach.
Single parents or single-person households cannot afford real estate in West Kelowna, according to the report.
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Overall, the district expects the population in Central Okanagan to grow by 60,000 people by 2036, which means around 26,000 additional homes of all kinds will be needed.
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“The center of Okanagan is one of the fastest growing regions in the province, and even as more housing units are built, there is still a lack of affordable housing to meet the needs of the community,” said Danika Dudzik, senior planner at RDCO .
The City of Kelowna and the RDCO say they will use the information in the report to better prepare for the future.
You can read the full report here.
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