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.“
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