Âé¶čAV needs tens of thousands of housing units of all types to meet expected demand.
In a Housing Needs Assessment (HNA) update to council Monday (Sep. 11), staff noted that 1,870 to 2,650 are needed annually to 2031.
âThere is a significant existing housing deficit in Âé¶čAV,â said Arlene Janousek, city planner.
That deficit is currently 3,750 to 5,000 homes.
The population in Âé¶čAV has grown quickly, particularly in recent years, and growth is expected to continue creating additional demand for housing in a community already facing affordability challenges, Janousek said.
More than 200,000 people are expected to be living in the area by 2041. She added that Âé¶čAV also has a major shortage of subsidized rental housing.
âMany lower-income households are no longer able to afford market rents and their needs would be better met with subsidized rental housing.â
Since 2018 rents in the Central Okanagan have increased by 32 per while house prices have increased by 55 per cent, according to Janousekâs report.
âWe need a tenfold increase in the delivery of subsidized rental housing annually,â she said.
Staff has done an assessment of public and non-profit land that could be suitable for subsidized housing.
âWe found that there is significant capacity within the city to accommodate this type of housing,â Janousek said.
However, she added that further site-by-site analysis would be needed to determine suitability.
Janousek told council that the city has demonstrated it can approve housing quickly enough to meet demand, but that the pace of housing construction needs to increase.
âBased on some of the permitting trends weâre looking at, and through some of the engagement findings, meeting these goals will be a major effort for the development community.â
âThere are ongoing challenges in terms of sourcing labour, supply chain issues, and weâre seeing larger more complex projects that take longer to be delivered.â
The HNA also sets out annual housing targets to meet the expected demand:
Janousek added that affordability challenges along with decreasing household sizes and shifting preferences have led to increased demand for smaller units in multiple-dwelling buildings.
âWe do expect this trend to continue.â
While the HNA found there is an adequate level of ownership housing being approved, it must align with residentsâ incomes and household needs.
âGenerally, new single detached homes are the most expensive form of housing and they are out of reach for most Âé¶čAV residents, whereas smaller multi-dwelling units tend to be more affordable,â Janousek said.
Additional infill housing, such as house plexes and townhouses would help address the need for more attainable types of housing, she added.
The full HNA report can be found on the City of Âé¶čAV website.
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gary.barnes@kelownacapnews.com
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