According to Stats Canada the average wage in Kelowna isn’t enough for people in the region to live comfortably. It has been estimated that the average income is around $46k or lower, but a previous report has asserted that residents in this area would need to make at least $52k in order to live comfortably.
Most single households in the region will need to spend much more than 30% of their income to afford the average prices in rental properties that we are seeing in the market. It is an issue that isn’t found only in Kelowna, as Canadians around the country are feeling the heavy real estate prices.
Average Rent in Kelowna for 1 Bedroom $1,600+
According to Zumper right now the average rent for Kelowna is estimated to be around $1,600 which is still lower than the more than $2k that it is estimated the average 1 bedroom costs in Vancouver right now, but it is still too costly for many. For those who are earning an average income of around $46k they too will be struggling to afford those prices and live comfortably. If those rent prices in Kelowna and other cities continue to go up, and wages don’t rise along with them, then more are going to tackle with that struggle.
For anyone spending more than 30% of their income on housing alone it doesn’t leave room for much else.
Housing affordability is still an issue, even though the election is over now and it isn’t being talked about as much. For Quebec, these issues on housing affordability in Canada could be central to their municipal elections. One thing is certain and that is that Canadians aren’t going to stop talking about this issue anytime soon, so long as that struggle continues for so many.
For those in Kelowna spending more than 30% of their income on rent they aren’t alone as a previous report by the Canadian Rental Housing Index back in 2016 found that almost half of those in the province were spending that much of their income just on rent.
It has been estimated that over 36% of non-homeowners have already given up on the dream of someday owning a home.
Pessimism appears to be growing also, as roughly 62% have reported that they think over the next decade they will be priced out of the housing market. We will have to wait and see how much of an impact the millions in funding that has been promised by the government will address the housing affordability situation and lack of affordable housing supply around the country.