Home ownership out of reach for many in Kelowna

Kelowna council has reviewed a regional housing needs assessment (HNA) that shows about 60,000 more people will call the city home by 2036, requiring about 26,000 housing units.

The Regional District of Central Okanagan (RDCO) completed a Regional HNA in November 2019 that provides a descriptive analysis of housing needs across the Central Okanagan region.

While the RDCO’s HNA is regional in scope, it includes Kelowna-specific information on current and projected housing needs, particularly as the largest share of the region’s population and housing growth is expected to be within the City of Kelowna.

Specifically, 65 per cent of all new housing units built in the RDCO between 2016-2036 are expected to be built in Kelowna.

Housing projections (photo/Regional District of Central Okanagan)

One of the significant findings is the cost of land in Kelowna is pushing home ownership out of reach for many.

The report concludes that median income couple households cannot afford to buy a townhouse or single-family dwelling without spending more than 30 per cent of their income on their mortgage.

Rental housing was also found to be unaffordable, especially for lone-parent and single person households.

Kelowna’s official community plan (OCP) calls for more four-plexes, townhouses, and row-houses throughout the urban core.

Seventy-five per cent of housing built between now and 2036 would be multi unit and 25 per cent single family or two family homes.

Another key part of the OCP is that no additional greenfield or suburban neighbourhoods are identified for development.