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Kelowna  

Housing starts slow down

Housing starts in the Kelowna area cooled off in September.

Starts in the area were trending at 1,859 units, down from 2,073 in August, says the Canada Mortgage and Housing Corporation.

“Although housing starts trended lower in September compared to August, in the first nine months of the year, total housing starts in the Kelowna (area) were up 64 per cent over the same period last year,” said Taylor Pardy, CMHC Senior Market Analyst.

“Increased migration to the Kelowna area, stronger resale market activity, low inventories of unsold new and existing homes and a low vacancy rate remain supportive of new construction in 2016 – particularly in the multi-unit segment of the market."

Housing starts in September were down in Kamloops and Vernon compared with the same month last year, although total housing starts in Kamloops, Prince George and Vernon moved higher during the first nine months of 2016 compared with the same period in 2015.

A total of 21 units got underway in Kamloops in September, compared with 150 units in the same month last year. Vernon recorded 19 starts compared with 39 starts one year earlier. In Prince George, 28 units got underway compared with 24 units one year earlier.

 

The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts, which is the annual total that would result if the pace of construction in the current month continued for an entire year.



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