Core housing need identified in report
A recent report shows an estimated 215 families in Oliver are currently facing a core housing need.
On Monday, Town council will discuss its Housing Needs Report along with several key findings.
Who can afford to buy here?
A young family who wants to buy a two- bedroom house in Oliver for $400,000 would need to earn $88,000 a year to afford it.
The median household income in Oliver is $55,000 a year, according to the report.
An estimated 90 households (four per cent) in Oliver are currently facing an “extreme” core housing need. (That’s when they need to spend 50 per cent or more of their total income on housing.)
The report says that renter households are much more likely to experience a housing crunch than owners.
It is estimated that by 2025, 235 households will be in a core housing need in Oliver.
The report estimates that 50 youth in Oliver are temporarily housed or staying with friends, sometimes strangers.
Another 32 to 40 people are homeless or living in trailers or vehicles. Many of these people do not have access to safe winter heating.
By 2025, an estimated 187 units containing at least 500 bedrooms will be needed to meet basic housing demand. (The majority of these units need to be rentals.)
The report also states that nearly half of Oliver residents will be aged 65-plus within the next 10 years.