The newly released qathet Regional Housing Needs Report shows affordability is in a critical state throughout the region.
When it comes to homeownership, the average home price increased from $275,532 in 2016 to $465,226 in 2020.
For rentals, a three percent vacancy rate indicates a healthy market, representing a balance between reasonable property choice for renters and reasonable rates of return for property owners.
In the qathet Region, the vacancy rate was 0.5 per cent in 2019 and 1.7 per cent in 2020.
“There are challenges with all types of housing, where the increase in housing prices and market rental rates are greatly outpacing the local incomes as well as limited availability,” said Regional Social Planner, Kai Okazaki.
“The Housing Needs Report confirms there is a need for more rental and affordable housing in the qathet region.”
In 2019, the province introduced changes to Local Government Act, requiring municipalities and regional districts to complete a five-year housing needs assessment by April 2022, and every five years thereafter.
The qathet Regional District, the City of Powell River and the Tla’amin Nation partnered to complete this assessment regionally with funding from the Union of British Columbia Municipalities.
The project launched in July 2020 and a series of public engagement opportunities were held to investigate where housing gaps exist in the region.
The report findings will form the foundation for developing a Regional Housing Strategy.
To view the full report, please visit the City of Powell River, qathet Regional District, and Tla’amin Nation websites.