Affordable Housing Issues in the North Okanagan

The data below illustrates the housing and real estate "picture" of the North Okanagan. Affordable housing has become a critical issue for the Region as many of our employees/workers, youth, and young families as well as young professionals have been "priced out" of the owners market and rental vacancy rates are below 1%.

• In 2006, Vernon recorded a median individual income of $24,050, a figure that was 6% below the provincial average. It is estimated that Vernon’s median household income in 2006 was about $55,500.
  
  
• 65% of households in Vernon were owners in 2001; 35% were renters. Among owners, 20% were deemed to be in core housing need according to CMHC’s definition (i.e., were required to spend more than 30% of their gross incomes on housing costs). 52% of renters in Vernon were deemed to be in core housing need. Core housing need data are not available for more recent years; however, given the increases in housing prices relative to incomes, the 52% figure may, if anything, underestimate the current situation.

The median sale price for all single-detached homes in Vernon was $309,000 in 2006. Assuming a 10% down payment, a 7.5% mortgage, and the dedication of 33% of income to housing costs, a household income of $91,000 would be required to purchase a median-priced house. The 2006 median sale price for townhouses in Vernon is estimated to have been $225,000. A household income of $68,500 would be needed for this purchase. The median sale price for apartments (condos) in Vernon was about $170,000 in 2006. An income of approximately $55,000 would be required to purchase such a unit.