Affordable Housing Issues in the North Okanagan
Greater Vernon has housing challenges primarily due to lower than average family incomes, lower than average inventory of multi-unit housing, higher than BC average home values, and other factors. This challenged housing situation creates resident lifestyle difficulties and community economic problems such as employers being unable to attract or retain employees due to unaffordable housing.
Low-income cut off - as provided by Stats Canada:
| Number of Children | ||||||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| 1 Adult | $18,178 | $25,449 | $30,903 | $36,356 | $41,809 | $47,263 |
| 2 Adults | $25,449 | $30,903 | $36,456 | $41,809 | $47,263 | $52,716 |
As of 2009 the total population age groups receiving BC Basic Income Assistance or Employment Insurance are:
| Age | Vernon | BC Average |
|---|---|---|
| 19 - 24 | 9.3% | 4.6% |
| 25 - 54 | 7.7% | 4.9% |
| 55 - 64 | 3.6% | 2.6% |
In 2009, median sale price for a single detached home in the North Okanagan was $345,000.
- With 10% down and current interest rates using 33% of gross annual income, a household income of $72,500 would be required.
In 2009, median sale price for a townhouse unit in the North Okanagan was $269,450.
- With 10% down and current interest rates using 33% of gross annual income, a household income of $54,900. would be required.