The housing crisis in Lake Country hit its tipping point in July, according to the Canadian Home Builders鈥� Association Central-Okanagan (CHBA-CO).
The association reacted to a housing needs assessment presented to district council on July 18.
Lake Country planning and development manager Brian Zurek told council that approximately 250 new housing units need to be built every year until 2031 to meet population growth and demand.
鈥淩ight now the annual new units we鈥檝e been creating wouldn鈥檛 be estimated to meet the need,鈥� he said.
Zurek said that 67 per cent of new units would need to be one and two bedrooms, and one-third of those would be needed by households making less than $50,000 a year.
Lake County has the highest monthly housing costs for single-home dwellings compared to Vernon, 麻豆精选 and Regional District Central Okanagan, according to the assessment. Monthly rentals are similar to 麻豆精选 but higher than Vernon.
There is limited housing diversity in Lake Country, with 66 per cent of housing units being single-detached dwellings.
Short-term rentals are also a concern according to Zurek, potentially reducing the availability of rental housing, driving up costs and demands on housing affordability.
READ MORE: Housing crisis in Lake Country at 鈥榯ipping point鈥�: Homebuilders鈥� Association
