Bowen Island Affordable Housing Needs

What is a housing needs assessment? Current housing situation Future trends Gap between demand and supply at various incomes

Why do one? To understand your community ’ s needs To provide basis for affordable housing strategy

Definitions Affordable – costs 30% or less of gross household income Social/subsidized housing – developed under senior government programs and rent Geared to Income (RGI) Low end of market – market housing renting or selling at below market prices Non-market housing – housing renting or selling below market prices and protected from market price increase

Approach Interviews with key informants Review of housing demand and supply indicators Affordability analysis

Population Predominantly families with children 13.7% growth in Bowen population between 01 and 06 GVRD growth 6.5% over same period

Second home owners Approx 300 in % of housing stock

Off island residents Substantial number of employees working on Bowen who live off-island Potential source of population growth Difficulty finding employees

Households 1,339 in 2006 or 17% increase Growing more rapidly than population Declining household size

Median Incomes 2000 Median household income Bowen Island GVRD All households $64,979 $49,940 One person households$33,671 $26,769 Two or more person households $74,236 $62,168

Dwelling stock 1,640 units 1,339 occupied by residents 300 second homes 77% owners Rental units – Artisan Sq., Cates, sfd, suites Rising rental costs, ltd vacancies One social housing project with waiting list

Bowen IslandGVRD Year Lowest price Average price Median price Single family dwelling average Apt condo average 2003 $ 190,000 $ 412,360 $ 340, $ 200,000 $ 478,778 $ 425,000 $ 526,798 $ 258, $ 170,000 $ 639,702 $ 523,000 $ 85,000 $ 295, $ 290,000 $ 692,445 $ 613,000 $ 640,000 $ 324, * $ 395,000 $ 814,839 $ 749,000 Change 2003 to %68%80%

Can qualify for a home worth * Median Household Incomes 2000 Annual Income Can afford to pay 25% down 10% down All households $ 64,979 $ 1,624 $ 312,685 $ 255,462 One person households $33,671 $ 842 $ 168,368 $ 137,556 2 or more persons $74,236 $ 1,856 $ 360,792 $ 294,765

Type of property House price Income needed Non waterfront, assessed value 2007 $469,000$100,000 Entry level 2007 asking price$395,000$85,000 25% downpayment. 6.5% interest rate, 3 yr term

Interviews Affordable housing rated serious issue Affordable housing helps to maintain diversity Affordable housing promotes strong community

What kind of housing needed? Small cottages Townhouses Rental housing Secondary suites Social/subsidized housing Affordable entry level ownership housing

For whom? A mix of people Priority to islanders Families/individuals with low incomes Families/individuals with modest incomes Young people Empty nesters Seniors

Issues

High incomes needed to purchase modest Bowen housing Household incomes between $85,000 and $100,000 are now needed to buy entry-level housing and the typical non- waterfront single-family home

Moderate income earners cannot buy modest homes on Bowen today House prices are divorced from the moderate incomes earned by many island households

A few very low-income households face extreme affordability issues 95 or 8% of island households were paying more than 30% of their income for shelter and could not afford the average priced rental units on Bowen

Limited housing options available to promote diversity Housing stock on Bowen island consists predominantly of single-family dwellings

Priorities/gaps Very low income households - rent geared to income, perhaps suites & rent supplement Renters - low end market rental Moderate income families - entry level home ownership Empty nesters - smaller, well located units