Bowen island affordable housing needs
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Bowen Island Affordable Housing Needs. What is a housing needs assessment?. Current housing situation Future trends Gap between demand and supply at various incomes. W hy do one?. To understand your community ’ s needs To provide basis for affordable housing strategy. Definitions.

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Bowen Island Affordable Housing Needs

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Bowen island affordable housing needs

Bowen Island Affordable Housing Needs


What is a housing needs assessment

What is a housing needs assessment?

  • Current housing situation

  • Future trends

  • Gap between demand and supply at various incomes


W hy do one

Why do one?

  • To understand your community’s needs

  • To provide basis for affordable housing strategy


Definitions

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

Approach

  • Interviews with key informants

  • Review of housing demand and supply indicators

  • Affordability analysis


Population

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

Second home owners

  • Approx 300 in 2006

  • 18% of housing stock


Off island residents

Off island residents

  • Substantial number of employees working on Bowen who live off-island

  • Potential source of population growth

  • Difficulty finding employees


Households

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 personhouseholds

$33,671

$26,769

Two or more person households

$74,236

$62,168

Median Incomes 2000


Dwelling stock

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 island affordable housing needs

Bowen Island

GVRD

Year

Lowest price

Average price

Median price

Single family dwelling average

Apt condo average

2003

$ 190,000

$ 412,360

$ 340,000

2004

$ 200,000

$ 478,778

$ 425,000

$ 526,798

$ 258,936

2005

$ 170,000

$ 639,702

$ 523,000

$ 85,000

$ 295,000

2006

$ 290,000

$ 692,445

$ 613,000

$ 640,000

$ 324,000

2007*

$ 395,000

$ 814,839

$ 749,000

Change 2003 to 2006

53%

68%

80%


Bowen island affordable housing needs

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


Bowen island affordable housing needs

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

Interviews

  • Affordable housing rated serious issue

  • Affordable housing helps to maintain diversity

  • Affordable housing promotes strong community


What kind of housing needed

What kind of housing needed?

  • Small cottages

  • Townhouses

  • Rental housing

  • Secondary suites

  • Social/subsidized housing

  • Affordable entry level ownership housing


For whom

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

Issues


High i ncomes n eeded to pu rchase m odest bowen h ousing

High incomes needed topurchase 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 i ncome e arners can not b uy m odest h omes on bowen t oday

Moderate income earnerscannot buy modest homes on Bowen today

  • House prices are divorced from the moderate incomes earned by many island households


A f ew v ery l ow income h ouseholds f ace e xtreme a ffordability is sues

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

Limited housing options available to promote diversity

  • Housing stock on Bowen island consists predominantly of single-family dwellings


Priorities gaps

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


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