Have you walked down the street in Kelowna lately and noticed that in every corner there is a new development being built? Continue reading to find out what Kelowna’s housing trends will look like in the coming years.
With a growth rate of 1.34% it is estimated that by 2040 Kelowna will increase in population by over 50,000 residents. Equaling to 23,000 – 25,000 new homes needed in the Kelowna area, the City of Kelowna has shifted to increase the number of multi-residential units over single family units.
With the creation of the Official Community Plan (OCP), the City of Kelowna has established future housing trends for the Kelowna area.
1. Smaller Households and Smaller House Sizes
With predictions stating that the majority of future Kelowna households will become smaller in size and be occupied by single occupants or couples without children, smaller housing units are needed to fulfill their housing needs. This can be accomplished with the integration of townhouses, condominiums, apartments, and other multi-residential homes.
2. Growth in the Urban Core
Encouraging urban infill will result in reduced overall household costs, increasing affordability for residents, in addition to creating compact and complete communities in the Kelowna area. Building multi-family units within the urban core will also allow resident to find alternative ways of transportation in their daily lives reducing the cost of living as well.
3. Increase in Intergenerational Communities
Due to an increase in home prices, a sharing economy, and aging population there will be a need to build structures that create intergenerational communities to reduce social isolation. These models will help people of all ages fulfill their needs and desires to help them age in place.
4. Change in Tenure
Although difficult to predict, it is predicted that housing prices will continue to increase. Rental dwelling will be a critical housing stock needed as it is predicted that a large share of the population will not be able to afford homeownership.
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