For those who have been paying close attention to the real estate market across Canada, you would know about the high real estate prices. Many folks living in B.C and Ontario are experiencing an extreme lack of affordability. Most people assumed that the lack of affordability was simply due to an imbalance between buyers and sellers. However, in British Columbia, it appears that the market imbalance was just the tip of the iceberg for the housing crisis. Follow along below to learn more about what’s to come for affordable houses in Kelowna.
Why is Affordable Housing so Hard to Find?
The affordable housing crisis in B.C was originally thought to be a result of a market imbalance. Where there were too many buyers and not enough sellers. Many assumed that this affordability crunch would be resolved with more sellers and more houses being developed. However, what has recently come to light is that the province’s affordable housing crisis is about more than just building additional homes.
A report from the Union of B.C Municipalities indicates that there is a sufficient number of homes being built to support the province’s needs. The problem is that the homes being built are lacking in affordability. Moreover, there are not enough rental properties available for a low cost.
In order to mend the housing issues in British Columbia, there will need to be an increase in affordable properties. This will require the local and provincial governments to work together.
For more information on affordable houses in Kelowna, contact us today. Affordable houses are hard to come by. By hiring us we will do the utmost to help you find a perfect house that fits your budget. Contact us today to get started on finding your dream home. For more information check out our social media page here. Feel to reach out to us at any time for inquiries about a home in Kelowna. We look forward to working with you soon!