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<br /> KELOWNA<br /> ANNUAL HOUSING REPORT<br /> PREPARED BY POLICY & PLANNING DEPARTMENT - MARCH 2021<br /> EXECUTIVE SUMMARY<br /> Several sectors of Kelowna’s economy and housing system faced<br /> challenges due to the pandemic in 2020, but by the end of the<br /> year there were signs of recovery. The regional labour market<br /> saw total employment at the end of 2020 up from 2019 and mid-<br /> year population estimates suggest Kelowna experienced robust<br /> population growth throughout the pandemic. Overall, Kelowna’s<br /> economic resilience during the pandemic combined with strong<br /> population growth, fueled greater than expected demand for<br /> housing in 2020.<br /> It is still too early to know how the short-term shifts in the housing<br /> market associated with the pandemic might impact housing<br /> trends over the next 5-10 years. But, at the end of 2020 there<br /> were 4,700 units under construction with 84 per cent in the form<br /> of mult<a title="2020 Kelowna Annual Housing Report 2020 page 1" href="http://viewer.zmags.com/publication/a017803d?page=1"> KELOWNA ANNUAL HOUSING REPORT PREPARED BY POLICY </a> <a title="2020 Kelowna Annual Housing Report 2020 page 2" href="http://viewer.zmags.com/publication/a017803d?page=2"> EXECUTIVE SUMMARY Several sectors of Kelowna’s </a> <a title="2020 Kelowna Annual Housing Report 2020 page 3" href="http://viewer.zmags.com/publication/a017803d?page=3"> INTRODUCTION Each year, the Annual Housing Repo</a> <a title="2020 Kelowna Annual Housing Report 2020 page 4" href="http://viewer.zmags.com/publication/a017803d?page=4"> industry, were both significantly impacted in 202</a> <a title="2020 Kelowna Annual Housing Report 2020 page 5" href="http://viewer.zmags.com/publication/a017803d?page=5"> HOUSING WHEELHOUSE REPORTING The City of Kelown</a> <a title="2020 Kelowna Annual Housing Report 2020 page 6" href="http://viewer.zmags.com/publication/a017803d?page=6"> What’s the City doing? The Journey Home Strategy </a> <a title="2020 Kelowna Annual Housing Report 2020 page 7" href="http://viewer.zmags.com/publication/a017803d?page=7"> The big picture… Housing with supports plays a cr</a> <a title="2020 Kelowna Annual Housing Report 2020 page 8" href="http://viewer.zmags.com/publication/a017803d?page=8"> What’s the data telling us? There were about 625 </a> <a title="2020 Kelowna Annual Housing Report 2020 page 9" href="http://viewer.zmags.com/publication/a017803d?page=9"> What’s the City doing? Overall, a low vacancy rat</a> <a title="2020 Kelowna Annual Housing Report 2020 page 10" href="http://viewer.zmags.com/publication/a017803d?page=10"> apartment housing. That being said, while row hou</a> <a title="2020 Kelowna Annual Housing Report 2020 page 11" href="http://viewer.zmags.com/publication/a017803d?page=11"> THE HOUSING WHEELHOUSE: CONCLUDING REMARKS In 20</a> <a title="2020 Kelowna Annual Housing Report 2020 page 12" href="http://viewer.zmags.com/publication/a017803d?page=12"> HOUSING INSIGHTS In addition to reviewing sp</a> <a title="2020 Kelowna Annual Housing Report 2020 page 13" href="http://viewer.zmags.com/publication/a017803d?page=13"> down payment for a typical single-detached home i</a> <a title="2020 Kelowna Annual Housing Report 2020 page 14" href="http://viewer.zmags.com/publication/a017803d?page=14"> Figure17:BuyersfromMetroVancouver&VancouverIsland</a> <a title="2020 Kelowna Annual Housing Report 2020 page 15" href="http://viewer.zmags.com/publication/a017803d?page=15"> COVID-19 INEQUITIES INFLUENCING THE HOUSING MARKE</a> <a title="2020 Kelowna Annual Housing Report 2020 page 16" href="http://viewer.zmags.com/publication/a017803d?page=16"> Figure 18: Percentage of Adults in Jobs Where Wor</a> <a title="2020 Kelowna Annual Housing Report 2020 page 17" href="http://viewer.zmags.com/publication/a017803d?page=17"> Federal and provincial financial programs (CERB, </a> <a title="2020 Kelowna Annual Housing Report 2020 page 18" href="http://viewer.zmags.com/publication/a017803d?page=18"> REFERENCES 1. City of Kelowna. (2018). Health</a>