Housing need growing

The City of West Kelowna will need to add more than 10,000 housing units over the next 20 years to keep pace with demand.

About 8,000 of those will be needed just to accommodate the arrival of new residents to the city.

That’s the conclusion of an interim housing needs report compiled by Colliers Canada.

The city was required to compile the report calculating the number of units needed to meet anticipated demand over the next five and 20 years, using new provincial methodology .

Along with the estimated 10,000 units needed in 20 years, 3,169 are needed in the short-term including nearly 2,600 to accommodate growth.

The report was also required to include a statement about the need for housing near transportation and infrastructure and a description of actions

“We highlighted the many things that council and staff have implemented and demonstrated that support adopted policies within the OCP, Transportation Master Plan and the infill housing strategy,” said Lloyd.

“We also highlighted the investments that have been made alongside BC Transit to improve transportation in the area.”

Lloyd says the report also reviewed action taken to reduce housing needs including the streamlining of development approval processes, facilitating the introduction of new residential supplies as well as policies initiatives supporting housing such as short-term rental policies.

The report also suggests housing continues to be out of reach of many within the community.

Using new data, current interest rates and a 20 per cent downpayment, it is suggested an annual household income of $216,000 would be required to purchase a single family home, $117,000 for a duplex and $92,000 for an apartment or condo.