Housing affordability crisis
Photo: City of Kelowna
As housing costs rise, the chances of the average Kelowna couple owning their own home decrease.
A new regional housing needs assessment shows that home ownership is inaccessible for many Kelowna residents.
It goes on to say that middle-income couples cannot afford to buy a townhouse or a single family home without spending more than 30 percent of their income on their mortgage.
The province has mandated that the municipalities in the province must prepare a housing needs assessment before April 2022 and every five years thereafter.
Kelowna was forced to use a regional housing appraisal created by the regional county because an appraisal completed in 2017 did not meet provincial requirements as it was created before the law went into effect in 2019.
City planner Arlene Janousek says the regional district assessment included a descriptive analysis of Kelowna along with other jurisdictions.
In addition to the high operating costs, other mitigating factors also play a role, according to Janousek.
“In line with the city’s housing needs assessment, the district also noted that there is likely to be continued population growth and demand for housing, and there are populations that are particularly vulnerable to housing problems, including the youth, the elderly, the homeless and households with low income. “said Janousek during a presentation to the city council.
“Anticipating housing affordability will be an ongoing challenge in Kelowna and across the region and will require action at all levels of government.”
Together with the high running costs, says Janousek, the RDCO rating highlights the affordability problems with renting, “especially for single parents and single people”.
The housing needs assessment will be updated as new census information becomes available next year.
