Bowen Island Affordable Housing Needs

1. Bowen Island Affordable Housing Needs

2. What is a housing needs assessment? • Current housing situation • Future trends • Gap between demand and supply at various incomes

3. Why do one? • To understand your community’s needs • To provide basis for affordable housing strategy

4. 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

5. Approach • Interviews with key informants • Review of housing demand and supply indicators • Affordability analysis

6. Population • Predominantly families with children • 13.7% growth in Bowen population between 01 and 06 • GVRD growth 6.5% over same period

8. Second home owners • Approx 300 in 2006 • 18% of housing stock

9. Off island residents • Substantial number of employees working on Bowen who live off-island • Potential source of population growth • Difficulty finding employees

10. Households • 1,339 in 2006 or 17% increase • Growing more rapidly than population • Declining household size

11. 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

12. 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

14. 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%

15. 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

16. 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

17. Interviews • Affordable housing rated serious issue • Affordable housing helps to maintain diversity • Affordable housing promotes strong community

18. What kind of housing needed? • Small cottages • Townhouses • Rental housing • Secondary suites • Social/subsidized housing • Affordable entry level ownership housing

19. For whom? • A mix of people • Priority to islanders • Families/individuals with low incomes • Families/individuals with modest incomes • Young people • Empty nesters • Seniors

20. Issues

21. 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

22. Moderate income earnerscannot buy modest homes on Bowen today • House prices are divorced from the moderate incomes earned by many island households

23. 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

24. Limited housing options available to promote diversity • Housing stock on Bowen island consists predominantly of single-family dwellings

25. 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