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Vernon city councillor Scott Anderson is fearful the cost of a family residence in the North Okanagan is almost out of reach for the average family.
During a presentation to council on Monday, the city's economic development manager, Kevin Poole, said the average price of a single-family dwelling was sitting at $421,000, well up from the average $377,000 price for a house last year.
“It's a crazy market out there,” Poole told councillors. “Sales volume is up 61 per cent.”
One key reason is people “exiting the Vancouver/Lower Mainland market” and looking to relocate in Vernon, Kelowna and the Shuswap, he said.
“It is driving up the values as well as it is pushing up the volume significantly,” Poole said later.
“They look at Vernon as a retirement community and our goal is to bring in the younger demographics. Affordability for housing is going to be key.”
Anderson told council the price of a house “puts it out of the range of an ordinary family.”
Poole also said the vacancy rate was sitting at a meagre 3.5 per cent and could drop further.
However, some new residences are not far behind.
"We have some single family coming on the market and the good thing is we have some multi family following up behind," said Poole, pointing to 86 rental units currently being built that may be available later this year and a 150-unit seniors' apartment building under construction.
Overall building permits, including commercial, issued by the city up to the end of June amount to $88.8 million –up from $44.3 million at the same time last year.
“This is shaping up to be one of the strongest years on record, especially in the residential sector where we have seen 386 new units started this year,” said Poole. “We are just halfway through the year and housing starts are already third highest on record.”
