EDITORIAL: The increasing cost of housing

The increasing property values should be cause for concern in Summerland and in rest of the region

Properties in Summerland are expensive.

The latest figures, released by B.C. Assessment this week, show the average single family home price, as of July 1, was $582,000. That’s an increase of 16 per cent over the past year.

And while property values went up in other parts of the region, our prices are still higher than most.

Penticton’s average assessment value was $502,000. Osoyoos had an average value of $472,000, Oliver’s average value was $327,000 and Princeton’s average value was $224,000.

Put another way, a Summerland homeowner with a typical home here could sell, move to Princeton, buy two average houses and still come out ahead financially.

Those who are already in the housing market here may see a change in the value of their homes, but such a change exists only on paper. The true financial impacts of a change in property values is felt only when one buys or sells a home.

However, the increasing property values should still be cause for concern in Summerland and in the rest of the region.

In past years, Summerlanders have spoken of the need to attract young families and workers to the community. However, the cost of housing here is a significant obstacle.

Property values are increasing far faster than the rate of inflation. Wages do not increase as rapidly as housing values.

For some families who would like to live in Summerland, the housing costs alone will put this community out of reach. Others, also considering a move to Summerland, may ask themselves if the quality of life in this community is worth the additional financial burden of buying and living here.

As homeowners look at their latest property assessments, it may be time to consider the cost of housing here, what it will mean for our community and how to respond to the increases in recent years.

Just Posted

Donations collected for Summerland Food Bank

More than 60 people attended recent Holiday Open House at Edward Jones office

Steam lose to Dynamiters in overtime

The Summerland Steam faced the Sicamous Eagles and the Kimberley Dynamiters in Junior B hockey

Ready for the festive season

In 1955, Summerland had a dazzling display of holiday lights

South Okanagan Métis step up involvement with school district

The association wants to have more of a role in the inclusion of Métis culture, history in schools

Open houses regarding transit between Penticton and Kelowna

The meetings will be held in Summerland, Princeton, Penticton, Peachland and Osoyoos on Dec. 4 and 5

VIDEO: E. coli outbreak linked to romaine lettuce sickens 18 people in Ontario, Quebec

The Canadian Food Inspection Agency says it’s working with U.S. authorities to determine the source of the romaine lettuce those who got ill were exposed to.

Koi-munching otter avoids trap in Vancouver Chinese garden

Park staff have set up a trap with chicken and smeared a mat with fish oil, so far to no avail

Feds give formal notice for law to end Canada Post strike

Trudeau government ready to legislate employees back to work after five weeks of rotating strikes

Lower Mainland suspect identified in fatal northern B.C. hit and run

Suspect and seven other individuals believed involved located on Haida Gwaii

‘Bait and switch’ warning ahead of Black Friday and Cyber Monday

Competition Bureau of Canada is warning shoppers of illegal sale tactics

Legal battle ahead for suspended B.C. legislature executives

Public removal ‘very unfair,’ says veteran clerk Craig James

B.C. sees biggest spike in homicides across Canada, at 34%

Much of the killing was attributed to gang violence, according to Statistics Canada

Fundraiser established for the family of South Okanagan crash victim

A GoFundMe account has been established for the Penticton driver who died in an accident

Sea lion tangled in rope on Vancouver Island

Marine debris is a ‘significant problem’ for marine wildlife

Most Read