Current Situation

The rental vacancy rate in Vernon is currently at just less than 1% which means there is basically very little rental accommodation available. Prices for rental housing, as taken from the weekly review of rental housing, indicates prices continue to climb for all types of units. The purchase prices of condos, townhouses and single-family dwellings (Ave. price = $503,000 in 2018, $523,000 in 2019, $583,000 and $580,000 in 2021 with Benchmark prices rising even faster) all have continued to rise. Those with moderate or low incomes find themselves, even with current price corrections, with either no permanent housing or housing that they can find that does not meet their needs, nor their wants. The situation is compounded by consistent in-migration from other provinces and to much lesser extent other countries.

Future Actions Required

• Additional supportive housing units for those experiencing homelessness – consistent involvement with BC Housing using the strategy that has been successful over the last 4 years.
• Expanded affordable units for seniors – same strong strategy with BC Housing, including the City providing the development cost charges, accelerated approvals and parking variances.
• Housing priced for those who are employed in Vernon – focused planning, public and philanthropic land made available to co-ops and other innovative models, zoning for low-rise apartment development and other low equity options to enter the market.
• Housing for those with higher incomes and wealth continuing to be within the mix of housing and lots available.