Post on 25-Dec-2015
Bowen Island Affordable Housing Needs
What is a housing needs assessment?
Current housing situationFuture trendsGap between demand and supply at various incomes
Why do one?
To understand your community’s needsTo provide basis for affordable housing strategy
Definitions
Affordable – costs 30% or less of gross household incomeSocial/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 informantsReview of housing demand and supply indicatorsAffordability analysis
Population
Predominantly families with children13.7% growth in Bowen population between 01 and 06GVRD growth 6.5% over same period
Age distribution 2001
0%
5%
10%
15%
20%
25%
30%
35%
0-14 15-24 25-44 45-64 65 +
Bowen Island
GVRD
Second home owners
Approx 300 in 200618% of housing stock
Off island residents
Substantial number of employees working on Bowen who live off-islandPotential source of population growthDifficulty finding employees
Households
1,339 in 2006 or 17% increaseGrowing more rapidly than populationDeclining 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 units1,339 occupied by residents300 second homes77% ownersRental units – Artisan Sq., Cates, sfd, suites Rising rental costs, ltd vacanciesOne social housing project with waiting list
Bowen residential sales prices
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
2003 2004 2005 2006 2007*
lowestprice
averageprice
medianprice
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%
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 propertyHouse 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 cottagesTownhousesRental housing Secondary suitesSocial/subsidized housingAffordable entry level ownership housing
For whom?
A mix of peoplePriority to islandersFamilies/individuals with low incomesFamilies/individuals with modest incomesYoung peopleEmpty 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 supplementRenters - low end market rental Moderate income families - entry level home ownershipEmpty nesters - smaller, well located units