Kelowna Councillor Ron Cannan wants to see more housing diversity in the city.
At its Monday (Mar. 17) meeting, council gave initial consideration to rezone to allow a six-storey, 361-unit rental apartment housing building.
Cannan noted that approximately 1,000 rental units are under construction within a five-block area of the proposed project. He asked staff what was being done to encourage developers to build more ownership housing.
乌鸦传媒淚t seems like all we have is rentals,乌鸦传媒� he added.
Staff said that Canadian Mortgage and Housing Corporation (CHMC) incentives, which ended in November, have helped encourage more rentals but added that once Kelowna乌鸦传媒檚 vacancy rate is above four to five per cent housing policies can be reviewed.
乌鸦传媒淚 have concern with the whole block being six-storey rentals,乌鸦传媒� Cannan said. 乌鸦传媒淚 think there could be more diversity of housing.乌鸦传媒�
Coun. Loyal Wooldridge noted that planning staff feel the area is a good fit for rentals and highlighted the work done by the city over the past several years to improve rental housing stock.
乌鸦传媒淚 fully believe we need to keep our foot on the accelerator because, at the end of the day, in a free market, the market is going to decide what is built."
Coun. Luke Stack pointed out that the city has been trying to catch up on rentals for the past 20 years. 乌鸦传媒淚 am attuned to Coun. Cannan乌鸦传媒檚 comments and Coun. Wooldridge. I do think it乌鸦传媒檚 too early to pivot.乌鸦传媒�
Stack said he expects CHMC market analysis next year will give the city a clearer direction on housing.
The stated that rental markets in B.C. are expected to ease with higher vacancy rates slowing rent growth.
Mayor Tom Dyas acknowledged Cannan乌鸦传媒檚 point on the need for people to buy homes.
乌鸦传媒淭his is the free market that is looking at us and saying, 'We want to build rental because it乌鸦传媒檚 financially feasible for us at this point,乌鸦传媒櫸谘淮綕 Dyas added. 乌鸦传媒淲e may see that change in the future, and I think it乌鸦传媒檚 something we need to take advantage of because I believe the pendulum will swing the other way.乌鸦传媒�
