Homebuyers in Salmon Arm
Located in British Columbia’s scenic Shuswap region, Salmon Arm is a year-round adventure outdoor community with vibrant local culture and a strong economy. It is also a great place to call home, thanks to its affordable housing and solid infrastructure including the Salmon Arm Regional Hospital. This is where you’ll find a wide range of homes for sale, from single-family dwellings to apartments and cabins.
Two thirds of the City’s dwellings are single detached homes and a few apartment buildings, while the remainder is primarily duplexes and townhouses. The majority of homes in Salmon Arm are owner-occupied, and about one third of households spend less than 30% of their before tax income on housing. This is below the provincial average of 32%.
A few salmon arm homes for sale are characterized by a high proportion of mobile homes and trailers. Generally, these are occupied by people who travel frequently or own another residence elsewhere and choose to live in Salmon Arm temporarily. Many mobile homes overlook beautiful Shuswap Lake or nearby mountains, and they are a good choice for people who want to keep their costs low and enjoy a comfortable living environment with a small-town feel.
What Financing Options Are Available for Potential Homebuyers in Salmon Arm?
Most renter households in Salmon Arm are not spending more than 30% of their income on housing, but a significant number have gaps between their income and the cost of the median market rental. The largest gap is experienced by lone-parent families, with some spending over $200 more than they should on rent. These gaps are likely due to the combination of a low rental supply, a high rate of homeownership, and a low unemployment rate.
In addition to the market-based housing options provided by CMHA, the City is working on a partnership with CanZea Developments to build 105 non-market units across the North Shuswap area. While these will be largely subsidized, a significant portion of the units will be available for rent at market rates. The City is also considering options such as a land trust and the use of equity mortgages to support this work.
The City is working to identify strategies to support new comers, such as waiving development charges and fees, tax rebates, and other financial incentives. An important component is building a local economy that will attract young people and families, who are critical to reducing the pressure on affordable housing in Salmon Arm. A healthy local economy will help attract the right mix of businesses and jobs, which in turn will make it easier to provide affordable housing options. The City will continue to monitor trends and take appropriate actions as necessary. It is also collaborating with partners to increase the availability of rental and employment opportunities in the community.
