Staff:
- Introduced presenter, Mark Holland, Westplan Consulting Group.(didn't happen)
Mark Holland, Westplan Consulting Group
- Displayed a PowerPoint Presentation "Check-In on Providing Housing".
- Spoke to Housing affordability
- Spoke to key messages, highest cost in a generation for bulding housing.
- many projects being clamped down.
- Spoke to household income and percentage of income for housing, monthly allocation breakdown, impacts affordable housing level.
- Will not be speaking of taxes and transportation
- Will speak of rent and mortgage numbers.
- 40% of income going to housing
- in Kelowna average family income $120,000 a year. just under 2000 hours in a full time job. if collecting min wage, can spend about 1,000 on housing.
Spoke to monthly mortgage payment and down payment.
- Spoke to Condos in price, Kelowna has luxury living in Condos and W Kelowna is more family friendly.
- Spoke to key issue of renting today. Spoke to 5 classes of cost, 1 - land costs per unit, 2- land constraints 3- material costs (code changes are increasing and changing the costs) 4 - Labour costs 5 - Interest costs -spoke to Policy rate from Bank of Canada.
- Spoke to construction of housing is very exposed to interest rates
- Spoke to Municipal Fees, demands, delays
- 100% of the cost has to be passed on the buyer and renter.
- project being paused in the Ok are because the lenders are not willing to lend the funds to proceed.
Money is Mobile - Spoke to types of investments
- Spoke to many projects that are being paused or stopped in Kelowna.
- Spoke to difficulties in providing housing.(costs are record high, market is at
- Need to collaborate together to find housing.
- Responded to questions from Council.
Shane Worman and Dave Sargeant
- Responded to questions from Council.
wooldridge
Dehart
receive for information.