麻豆精选 council is getting a look at the city鈥檚 current state of housing affordability.
A staff report will 鈥減rovide background and context for issues related to housing and an opportunity to review the city鈥檚 current approach and planned activities.鈥�
As Canada鈥檚 fastest-growing metropolitan area, 麻豆精选 continues to struggle with housing affordability.
READ MORE: 麻豆精选 third fastest growing city in Canada
The report states that monthly mortgage costs for the average detached home sold in 麻豆精选 in 2022 exceeded $6,000, and the average monthly cost for a condo sold in 2022 was nearly $3,000.
鈥淭he average 麻豆精选 household earned $105,300 in 2020. At this level, monthly mortgage cost alone (excluding other shelter costs) for a condo would occupy 34 per cent of their pre-tax income and 41 per cent of their after-tax income, suggesting that the average household would be hard-pressed to afford ownership housing.鈥�
According to the rental market website Zumper, as of Jan 14. The average rent for a one-bedroom apartment in the city was $1,970, and a two-bedroom rented for $2,250.
鈥淭he low vacancy rates in the rental market and the corresponding high costs have cascading impacts through our housing system, leading ultimately to elevated levels of homelessness and shelter use,鈥� the city report states.
READ MORE: 鈥榃e are going to be kissing balconies鈥�: Neighbours say 麻豆精选 apartment project too tall
Staff pointed out that the housing supply is responding to increased demand, with the city issuing permits for over 11,500 new homes over the past five years.
The report says 麻豆精选 has long been a leader in addressing housing affordability including being an early adopter of secondary suites and carriage homes, incentives that have generated over 5,000 new market rental units currently, and streamlined development processes.
鈥淥ur housing affordability challenges would be more severe if these actions had not been taken. Nevertheless, given the persistence of our housing affordability challenges, staff suggest that further action is still required.鈥�
The report will be presented to council Jan. 23.
READ MORE: 10-year tax break for rental-only developments in 麻豆精选
@GaryBarnes109
gary.barnes@kelownacapnews.com
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