Bowen Island Affordable Housing Needs. What is a housing needs assessment? Current housing situation...
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Bowen Island Affordable Housing Needs
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What is a housing needs assessment?
Current housing situationFuture trendsGap between demand and supply at various incomes
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Why do one?
To understand your community’s needsTo provide basis for affordable housing strategy
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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
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Approach
Interviews with key informantsReview of housing demand and supply indicatorsAffordability analysis
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Population
Predominantly families with children13.7% growth in Bowen population between 01 and 06GVRD growth 6.5% over same period
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Age distribution 2001
0%
5%
10%
15%
20%
25%
30%
35%
0-14 15-24 25-44 45-64 65 +
Bowen Island
GVRD
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Second home owners
Approx 300 in 200618% of housing stock
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Off island residents
Substantial number of employees working on Bowen who live off-islandPotential source of population growthDifficulty finding employees
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Households
1,339 in 2006 or 17% increaseGrowing more rapidly than populationDeclining household size
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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
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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
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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
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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%
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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
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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
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Interviews
Affordable housing rated serious issue
Affordable housing helps to maintain diversity
Affordable housing promotes strong community
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What kind of housing needed?
Small cottagesTownhousesRental housing Secondary suitesSocial/subsidized housingAffordable entry level ownership housing
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For whom?
A mix of peoplePriority to islandersFamilies/individuals with low incomesFamilies/individuals with modest incomesYoung peopleEmpty nesters Seniors
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Issues
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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
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Moderate income earners cannot buy modest homes on Bowen today
House prices are divorced from the moderate incomes earned by many island households
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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
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Limited housing options available to promote diversity
Housing stock on Bowen island consists predominantly of single-family dwellings
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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