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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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Presentation Transcript
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
slide14

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%

slide15

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

slide16

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
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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