Anyone who has bought a home in Summerland in the last few years will know it is not cheap to live in this community.
Between 10 and 15 years ago, housing prices escalated rapidly and as a result, some who could have afforded to live here in the past were priced out of the market.
The price increases affected all housing in Summerland, whether homes for sale or homes for rent.
While prices are a little lower than they were at the peak of the increase, the cost of housing remains high.
According to the most recent statistics from the South Okanagan Real Estate Board, the average selling price of a single family home in Summerland from January to June of this year has been $378,188 while the average selling price of a condominium unit, whether an apartment or a townhouse, was $243,453 during the same period.
These prices are out of reach of most young families or single income families.
Furthermore, many of the condominium units are in complexes which have age restrictions, barring young families from moving in.
A plan to create an affordable housing development is a welcome concept, one which could help Summerland bring in and retain young families.
Without such a definition in place, it is possible the development would result in houses less expensive than the average selling prices in Summerland, yet still out of reach of those who are most in need of affordable housing.
Summerland and other South Okanagan communities have done well at attracting retirees to the community.
However, unless working people can also afford to live here, the community will have an increasingly difficult time providing the businesses and services it needs in order to maintain its quality of life.
