 |
Affordable Housing
The City of Kelowna is partnering with federal and provincial governments and other agencies to expand the availability of affordable housing units within Kelowna. The City is providing City-owned land to supportive housing projects and providing grants to offset development cost charges for new affordable rental housing. The City is also working with developers on housing agreements to assist in creating affordable owner and rental housing.
Housing Partnerships
Affordability Benchmarks
An acceptable benchmark of affordability is the proportion of income that is spent on housing. To be affordable, housing costs should not account for more than 30% of one's annual gross income. Affordability is based on income.
All numbers are updated annually.
The City of Kelowna defines affordability for owner-occupied and rental housing as:
- Rental housing affordability: the income required to spend no more than 30% of total household income before tax on the average rents for Kelowna published annually by CMHC.
- CHMC Rental Market Report
- Ownership affordability: the income level at which home ownership is possible (based on the median income level). The median income for a two or more person Kelowna household is $66,116 - updated annually using the Consumer Price Index
Affordable Starter Home Price (updated annually)
These numbers are based on the 2006 Census information, current mortgage, & mortgage insurance rates and adjusted utility, strata & property tax costs. They are updated yearly, using the average annual BC Consumer Price Index. See the definition of affordable housing in the Official Community Plan housing policies.
$220,014 (non-strata titled, single ownership dwelling)
$207,618 (strata titled dwelling)
$198,156 (manufactured home, pad rental additional)
Average Rents
|
|
Bachelor
|
One Bedroom
|
Two Bedroom
|
Three Bedroom +
|
|
|
Average Rent
|
$586
|
$734
|
$914
|
$1068
|
|
Annual income needed to afford unit
|
$23,440
|
$29,360
|
$36,560
|
$42,720
|
The numbers above are updated annually by the City of Kelowna.
Housing Continuum
Housing Lists
Contact
Theresa Eichler, Community Planning Manager
City Hall, 1435 Water St., Kelowna, V1Y 1J4
Phone: 250 469-8633
E-mail: teichler@kelowna.ca
|