Increased demand for subsidized housing and more instances of homelessness could be some of the future impacts if housing affordability remains a challenge in Kelowna.
The caution is contained in the city’s Community Trends 2022 report comparing data from 2001 to 2021.
Kelowna’s housing was more affordable in 2001 with more single detached homes and fewer rental units (12,995). In 2021, housing in the city is less affordable with more multiple dwelling and rental units (21,955).
READ MORE: Kelowna city staff hoping ‘unprecedented numbers’ of approved rentals will improve low vacancy rates
Home prices rose steadily, and more quickly between 2016 and 2021 than any other period in the last 20 years, according to the report. The average dwelling value 20 years ago was $188,173 compared to $796,000 in 2021.
Median monthly shelter costs per household for renters in 2021 was $1,440, compared to $1,340 for homeowners according to the report.
There has also been a shift towards smaller households over the past two decades. For the first time since 2001, the 2021 census recorded that the most common household type in Kelowna is one-person households (30.8 per cent).
In terms of the types of housing, apartments, row houses, and duplexes now make up more of Kelowna’s housing stock than single-dwelling housing. The trend towards more multifamily housing was first seen in the 2016 census and accelerated in 2021.
Shifts in housing patterns are also evident with a move to infill and multi-family housing, especially in the city’s core area and urban centres.
The report also notes that purpose-built rental housing is being developed in quantities significantly higher than it was 20 years ago.
It concludes by stating that the city must continue to monitor the housing system through initiatives such as an updated housing
needs assessment and housing strategy.
READ MORE: Providing affordable housing continues to be pressing issue for Kelowna council
@GaryBarnes109
gary.barnes@kelownacapnews.com
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