December 2024 Radium Hot Springs Draft OCP Presentation - Flipbook - Page 22
1
2.2 FUTURE HOUSING NEEDS
22
3
4
5
6
Housing is a core human need. Access to a
diversity of safe and affordable housing is one
of the guiding principles of this Community
Plan. Having suitable housing is critical to an
individual’s physical and emotional needs
and directly correlates to having a healthy
community. Further, as a primary tourism
economy with associated modest wages,
housing choice, affordability, and availability
are critical for local businesses to be able to
昀椀nd and retain workforce.
The Local Government Act requires that every
municipality complete an interim housing
needs report identifying housing needs
for each of the next 5 and 20 years. Interim
housing needs reports were due at the end of
2024 with full reports due in 2028, and every
昀椀ve years thereafter. The results of the housing
needs report must then be integrated into the
municipality’s Of昀椀cial Community Plan and
Zoning Bylaw.
The Village completed its Interim Housing
Needs Report in July 2024 using the
provincial standard methodology. The
standard methodology ensures that all
housing needs reports follow the same
mathematical calculations and assumptions.
The methodology separates housing needs into
昀椀ve categories plus a demand buffer. The 昀椀ve
housing needs categories are:
1. Supply to Reduce Extreme Core
Housing Need
5 YEAR HOUSING NEEDS
The 昀椀ve-year housing needs (2023-2028)
indicates the Village requires 106 new dwelling
units. More speci昀椀cally, there is a need for 38
owned and 55 rented housing units. Table 1: 5
Year Housing Needs outlines identi昀椀ed housing
needs by category.
TABLE 1: 5 YEAR HOUSING NEEDS
5-YEAR HOUSING NEED
CATEGORY
A. Supply to
reduce extreme
core housing need
OWNED
RENTED
TOTAL
0
2
2
B. Supply to reduce
homelessness
2
2
C. Supply to
reduce suppressed
household
formation
8
8
D. Supply to meet
household growth
38
51
E. Vacancy rate
adjustment
1
1
F. Demand Buffer
4
4
Total Units Needed
38
55
2. Supply to Reduce Homelessness
3. Supply to Reduce Suppressed
Household Formation
4. Supply to Meet Household Growth
7
8
5. Vacancy Rate Adjustment
The following is a summary of the report’s key
昀椀ndings.
17
89
VILLAGE OF RADIUM HOT SPRINGS Official Community Plan
106
DWELLING UNITS
NEEDED BY 2028
106
