File photo: Kelly Hayes - Castanet
File photo: Kelly Hayes - Castanet

Housing starts set record

by - Story: 36474

A record high was reached in local housing starts last year.

According to the Canadian Mortgage and Housing Corporation, housing starts in Kelowna climbed 4% from 2006 levels.

CMHC market analyst, Paul Fabri, says housing starts have broken the 2,500 unit mark for the last three years.

“Housing starts climbed four per cent to 2,805 units from 2,692 units in 2006. Strong employment growth has boosted in-migration and demand for housing,” says Fabri.

He says retirees and buyers seeking resort oriented housing also contributed to sharply increased demand for new homes.

“Multi-family-housing has seen the strongest growth in demand. With few new or existing detached units available for less than $400,000 more first-time buyers are turning to townhouses and condominiums. Resort housing and second residences have emerged as the fastest growing segment of Kelowna’s condominium market.”

Nationally, housing starts in 2007 are estimated at 229,600 units, increasing to their second highest level in almost two decades.

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