The Similkameen News Leader
Editorial
December 4, 2007
THIS IS A HOAX
Have you heard this one?
The newly formed Princeton District Low Income Housing Authority has projected there will only be a total of 15 rental units (houses, trailers or apartments) in the area by June 2010.
The group uses a monthly rent, not including utilities, of $625.00 per month as their benchmark.
We never thought we'd see the day when $625.00 per month would be considered a cheap rent in Princeton but that day is coming.
They also speculate there will be approximately 259 residents who would qualify for those 15 units if the current trend continues in the local market.
By 'trend' they probably mean new construction and/or renovations of existing dwellings into non-low income rental units.
They may also mean a slow but steady increase in current monthly rental rates based on such things as the real estate market, new construction, developmental costs, the ramp up to the Olympics and the price of gasoline which, by the way, the Princeton District Low Income Housing Authority also projects will cost $1.56.9 per litre by June 2010.
We sure hope our projection of hovercraft fueled by a product developed in the Similkameen and made out of a combination of grain, cow manure and magic beans takes flight, but we're not holding our breath on that one.
So what does all this mean?
We blame it on those pesky little amenity migrants sneaking into the valley from other parts of the province. You know the type, they live in the big city, sell their condo for $675,000 and buy up part of downtown Princeton for $150,000 and flip it six months later for twice that.
Before you know it, the real estate market goes wacky, the Canadian dollar tops $1.10 in US Funds and the tiny little house next door that sat empty for most of the new millennium because it had a bad smell and no insulation sold last week for $205,000 and you wonder why the town never ordered it flattened by the owner as it was a safety hazard.
Next thing you know the new owner slaps some vinyl siding on it and rents it out the following day for $725.00 a month to a family of six glad to get away from Kelowna who can't believe deer actually walk the neighbour at night instead of, well, you fill in the blanks.
It doesn't make sense and we wonder when it'll all come to an end. But one thing is for sure; there will be some serious growth in our area in the next couple of years.
Hopefully we all recognize the warning signs and have the ability to control that growth before it has a chance to control us, which takes us back to the Princeton District Low Income Housing Authority.
Think the time is right for such a group to be formed?
