Housing prices in Summerland and the rest of the South Okanagan are skyrocketing, and the price increase is affecting the entire region.
According to the latest figures from the South Okanagan Real Estate Board, the average residential property in the region sold for $421,000 in September. That’s an increase of 17 per cent over the same month a year ago.
The cost of an average single family home is now past $500,000, up 22 per cent over the prices from a year ago.
None of this should come as a surprise.
Assessment statistics, released at the beginning of January, also showed a marked increase over the same statistics from one year earlier.
And a look at real estate advertisements over the past few years shows continual price increases.
The present housing prices in the region may appeal to people seeking to leave the Lower Mainland, where housing costs are significantly higher than here.
However, for those who live in the Okanagan, the cost of housing is a significant obstacle. Typical wages in this region, especially for those in agriculture, hospitality and service industries, put housing costs out of reach for many.
These are the people who work in local businesses. They are the families whose children attend our schools. They are the ones who provide the various services needed in this community.
If they cannot afford to live here, they will have no choice but to go elsewhere.
Summerland has been addressing the issue of housing costs, and recent discussions have included affordable housing. These discussions are necessary and they need to continue.
But the community needs to move beyond the discussion phase to action.
This is a matter that requires immediate attention.
