Although the housing market for buyers and renters is tight in Summerland, like the rest of the South Okanagan and Similkameen, Summerland Mayor Toni Boot said there are initiatives to add to the community’s housing supply.
These projects include luxury condominiums on Okanagan Lake, residential construction in Trout Creek and affordable housing proposals.
The Oasis development, on Lakeshore Drive along Okanagan Lake, consists of 24 luxury condominiums. Commercial spaces will also be included in this development.
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Other developments include construction of at least 35 lots in the Trout Creek area of the community and the Hunters Hill subdivision, which will have as many as 145 single family homes.
In addition, 20 townhomes are proposed for Trout Creek.
Boot said Summerland council recently heard updates on two affordable housing proposals for the community. One of these is on Henry Avenue, as the Summerland Food Bank and Resource Centre is proposing 12 units. The other is a proposed 62-unit development at the former RCMP site on Jubilee Road. The 62-unit proposal is a BC Housing project.
Expansion proposals have also been mentioned for two seniors’ facilities in the community.
Boot said the community hired a consultant in 2017 to study affordable housing options for the community and to prepare a report.
At that time, the average cost of a single-family detached home in the community was $597,226 and the average price of a townhome was $339,400. Prices have increased since that time.
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The report, prepared by Cherie Enns Consulting in Abbotsford, also identified a lack of housing diversity, high land prices and a lack of rental homes.
In January 2021, the assessed price of a typical single family home in Summerland was $517,000, according to figures from BC Assessment.
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