With Kelowna ranked as the fifth most expensive rental market in Canada, an opportunity to own their first home would likely be appealing to many renters.
Rental market website Zumper puts a one-bedroom in the city at an average of $1,980 a month.
A survey by YeYe Housing Society finds that owning a home would be a dream come true for many Kelowna residents, providing security, stability and freedom.
The not-for-profit is proposing an affordable housing development in Rutland. The townhomes would be offered at 20 to 25 per cent below market price.
READ MORE: Affordable housing project for Kelownasa国际传媒檚 Rutland neighbourhood
sa国际传媒淗ousing affordability is one of the top issues if not the top issue in our community and around the province,sa国际传媒� said president Norm Letnick, who is also the MLA for Kelowna-Lake Country.
One of the things that stood out in the survey, he said, was that 93 out of the 115 respondents are first-time buyers.
sa国际传媒淭hose that have equity in their homes already, we asked them to stay in the market, these homes are trying to give people a hand up.sa国际传媒�
Letnick said some of the comments from the survey tug at the heartstrings.
sa国际传媒淪ome of the situations people find themselves in,sa国际传媒� he added.
One comment came from a parent who said they would no longer be homeless with their kids, and would not be looked down on by shelter workers.
sa国际传媒淚t would make all my dreams come true,sa国际传媒� said someone who relocated from Africa. sa国际传媒淚 moved to Kelowna six years ago from Zimbabwe to give my daughters a better life and this would be the cherry on the cake.sa国际传媒�
Letnick stressed that people are buying a home, and will have to qualify for a mortgage.
sa国际传媒淭here is no government subsidy, itsa国际传媒檚 not tied to 30 per cent of their income, they actually have to go out and get a mortgage.sa国际传媒�
He added that for some it might mean still having to rent if they donsa国际传媒檛 qualify. YeYesa国际传媒檚 Rutland project is just the beginning, according to Letnick.
sa国际传媒淥ur full intention is two things, one is to encourage developers to do the same and help our community by building housing that people can afford, and as a not-for-profit our mandate is to continue building.sa国际传媒�
The survey also found that 96 respondents said if they were able to purchase their first home, it would add to the rental inventory in the city.
sa国际传媒淪o not only would we be helping young families or entry-level buyers get into the marketsa国际传媒e would also free up a rental spot,sa国际传媒� added Letnick.
More information on the Rutland project, and the survey, can be found on the .
READ MORE: More action needed on housing affordability in Kelowna: Staff report
gary.barnes@kelownacapnews.com
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