Housing starts in the Kelowna Census Metropolitan Area (CMA) were trending at 964 units in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) 1 of housing starts. The stand-alone monthly SAAR was 1,116 units in December, up from 833 units in November.
“In December, the housing starts trend moved above levels recorded during the past few months. Both single-detached and multiple-family starts trended higher in December,” explained Paul Fabri, CMHC’s Senior Market Analyst for Kelowna.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.
Kelowna’s new home construction market closed 2012 with 95 housing starts, including 69 single- detached and 26 multiple-family homes recorded in December. Housing starts totalled 836 homes in 2012 compared to 934 homes in 2011. Fewer rental and condominium apartment starts accounted for most of the decrease. Starts of single-detached homes were similar to 2011 levels.
Kamloops starts were lower in 2012 compared to the previous year with fewer multiple-family starts offsetting an increase in single-detached home construction. In Vernon, total 2012 housing starts matched levels recorded in 2011.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.