Kelowna residents can’t afford to purchase real estate, report says

a view of a city: The RDCO has published a report which outlines the Central Okanagan's housing needs.

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The RDCO has published a report which outlines the Central Okanagan’s housing needs.

Owning a home of any kind in Kelowna is now out of reach for most people, according to a housing assessment conducted by the Regional District of Central Okanagan (RDCO).

In the assessment, the RDCO states the median income for couples in Kelowna, said to be $82,000 annually as of 2015, cannot help them afford to buy a townhouse or single-detached house without spending more than 30 per cent of their income on their mortgage.

It’s even worse for single-parent or single-person households as the report found there are no affordable home options for purchase based on the average price, including condos.

“The community is growing rapidly, and housing affordability is a challenge for people across the board,” said James Moore, City of Kelowna’s policy planning manager.

“I don’t think, as this assessment paints, that’s going to change anytime soon.“

Read more: Kelowna sees fourth-highest population growth rate in Canada

Rentals are more affordable, according to the report, as couples can typically afford most types of rental housing. But for single-person households, they can only afford to rent a studio or one-bedroom dwelling, in

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