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Kelowna  

Despite soaring cost of living, Kelowna's mayor is optimistic

Mayor staying optimistic

Mayor Colin Basran has always seen Kelowna as one of the country's shining lights.

He didn't veer from that sentiment Wednesday during his annual "State of the City" address hosted by the Chamber of Commerce.

Despite some ominous economic numbers, a rise in the unemployment rate, a nearly non-existant rental vacancy rate, an affordability crunch in terms of both housing an overall inflation and a growth rate that may exceed even the city's forecast, Basran painted an optimistic and positive message moving forward.

"We've got this," he said when talking about plans to ease housing affordability, despite the explosive 13.5 per cent growth rate over the past five years, the largest of the country's metropolitan areas.

"We'll see if this is just a short term exodus of people leaving the crowded big cities during the pandemic, or if this will be more sustained that we need to be able to handle long term,"said Basran.

"I personally believe this rate of growth is going to continue long term, because why wouldn't you want to call Kelowna home.

"This population growth means we have been under pressure to keep up with demand for new housing. It is one of the most significant threats to our city's continued prosperity."

Basran says the good news is companies want to invest in housing in Kelowna, saying the only way out of the current housing crunch is the build our way out, "and that requires investment."

"As you know, the City of Kelowna doesn't build housing, it's done by the private sector.

"If there are things we can do to make sure there is a diversity of housing, everything from below market rentals to market rentals to home ownership of various types, that's where we can help play a role. But, we are going to need investment to help us get out of this."

The city has approved about 1,400 units which will be ready for occupation this year with another 1,800 in stream.

Basran says the way to help relieve the pressure is to speed up what he says is already by far the fastest in the province.

"Is it going to solve everything, no.

"Is Kelowna going to be affordable for absolutely everybody, maybe not, but we're sure going to try because we want everybody to be able to find their place here."



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