Housing crisis to persist in Kelowna, says city report
HOUSING CRISIS WILL PERSIST
"The strong demand for housing in Kelowna is expected to continue into the coming year."
That's one of the conclusions reached in the city's 2021 housing report.
"Despite ongoing efforts to support housing supply the growth, and associated housing demand, that Kelowna is experiencing is beyond what we have seen in the past years."
The yearly report reiterates what has been suggested for some time - Kelowna remains a highly desirable place to live with a strong demand for housing.
"This demand was reflected in home price and rental rate increases in 2021."
According to the report, the median price increased from 10.1 per cent for an apartment to 13.6 per cent for a townhouse and 17.6 per cent for a single detached home in 2021.
At the same time, the rental vacancy rate fell dramatically from 2.1 per cent to 0.6 per cent at the same time rents increased.
And wages have not risen at the same rate.
The report found a need for all types of housing, including additional supportive housing for the city's homeless population and those suffering from complex needs, as well as purpose-built rental units.
At the present time, 440 supportive and 3,300 rental units are moving through the development process.
Despite actions presently being taken, the report concludes the need for more housing that is attainable for a larger proportion of residents.
"City staff will continue to bring forward tools and initiatives to give council new options to meet community housing needs."
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