Affordable Housing In Creston

In 2015, the median income for owner households was $57,218 and $23,700 for renter households. Statistics Canada reported that approximately 22% of Creston residents were considered "Low Income", making less than 50% of the median household income in 2015. The RDCK report estimates that the number of unaffordable homes in Creston has grown approximately 30% from 2006 to 2016. According to the Canadian Mortgage and Housing Corporation (CMHC), less than 1% of rentals in the RDCK were vacant in 2019. These statistics suggest that Creston is experiencing a growing need for affordable housing stock, specifically rental properties.

Based on 2019 income estimates, a median couple household can likely afford all dwelling types in Creston (single-detached, duplex, row house, semi-detached, manufactured). However, single parents cannot reasonably afford a single-detached home, and singles cannot reasonably afford any dwelling (RDCK, 2020). The Creston Official Community Plan (2017) noted that the Creston Valley Community Housing Society identified that young families were the demographic in the greatest need of low-cost housing in 2012. The RDCK report indicated that 57% of surveyed rental households in Creston live in a home that places them outside of their financial means (based on the 2016 Census) and that renter households are about eight (8) times more likely to be in Core Housing Need, compared to those that own their home. In addition, approximately 16% of Creston renters are identified as being in Extreme Housing Need and spend more than 50% of before-tax income on shelter costs.