North Okanagan housing crisis broken down in new report

Dec 1, 2023 | 5:00 AM

The Community Foundation of North Okanagan has released it’s 2023 Vital Signs Report looking at various aspects of the community from demographics to engagement.

The most critical issue continues to be housing, both affordability and availability.

In April 2023, the median sale price of a single-family home in the North Okanagan was $749,000. This is an increase of 56.3 per cent since CFNO last reported on this indicator, in 2019.

Assessed value by community / 2023 CFNO Vital Signs

“I am a highly educated single, 34-year-old professional with an income above $80K. The only affordable housing option in the Okanagan is to continue to live with family. Who has $1800-2600 a month to spend on housing?” one survey respondent stated.

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The report says renters are paying slightly more for monthly shelter costs than owners, at $1,120 for renters and $1,060 for owners. For owners, this is a 17 per cent increase over the median monthly shelter costs reported in 2016, and a 22 per cent increase for renters. 75 per cent of homes are owned will 25 per cent are rentals.

Of the 42,722 private residences in the North Okanagan, 3,901, or 9.1 per cent, are not occupied by year round residents.

The rental vacancy rate is at 0.9 per cent. A balanced rental vacancy rate is widely accepted as three per cent. The number of homeless individuals also increased from 224 in 2021 to 279 in 2023.

“Rent is too expensive. We are very fortunate to have a below market rental home for my family, but my 72-year-old mother is a renter and her condo is up for sale. I don’t know what she will do,” another survey respondent said.

The report isn’t all doom and gloom as affordable housing has is now on the radar with all levels of government.

Since 2020, 143 new non-profit housing units have been built: 91 are affordable housing units, and 52 are supported housing units, which are staffed 24/7. There has also been consistent activity from the private sector.