Coldstream defends lack of affordable housing

Coldstream is being called out for its lack of focus on developing multi-family affordable housing as part of its regional housing strategy.

“One of the problems with multi-family in Coldsteam is the word affordable doesn’t go with it, because as soon as it’s built, what we find is it’s sought after by people who are non-residents, that actually drives the price up,” Coldstream Mayor Jim Garlick said. “So I think some thought has to be put into it, as to how to keep it affordable.”

According to the regional housing assessment, Coldstream has the highest average assessed values in the North Okanagan, mostly single family homes, and the highest percentage of home ownership at 90 per cent.

“The regional housing strategy points to the need for a full spectrum of housing, and we are well aware the medium-high and high is extremely well serviced, and what’s missing is the bottom, and Vernon is caught carrying most of that,” Vernon Mayor Victor Cumming said.

In Whistler, limitations were put on price increases of affordable housing to keep speculators and non-resident vacation home owners out of the picture.

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“It was non-market housing. It was an inflation adjusted purchase price, which seems to me, something the government could do if they are subsidizing housing, to maintain affordability,” Bob Fleming, the electoral area B director said.

The Regional District of North Okanagan board received the regional housing assessment report on Wednesday. Reviews by RDNO partners will take place in the new year followed by stakeholder engagement and target setting.