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In Nelson, construction began on 28 new units, down from the 179 units recorded in 2023.

New housing construction in largest Kootenay municipalities, including Nelson and Trail, fell sharply in 2024, according to an annual report by the Chartered Professional Accountants of B.C. (CPABC).

In “B.C. Check-Up: Invest,” an annual report by the CPABC on investment trends across the province, new housing construction was a combined 109 housing starts in Cranbrook, Nelson and Trail, down 62.7 per cent from the 292 recorded in 2023.

“It was a slow year for new housing construction across the region,” said Mike Calder, CPA, CA, partner at MNP Canada, said in a press release. “Nelson’s multi-unit market experienced a significant drop, while starts in Cranbrook only managed to match the relatively low numbers from last year.”

Of the total, 76 housing starts were in Cranbrook, nearly all of which were detached homes. In Nelson, construction began on 28 new units, down from the 179 units recorded in 2023. Trail accounted for the remaining five starts in the region. Nearly nine in 10 (89.9 per cent) starts were detached or semi-detached units, reflecting a considerable slowdown in new multi-unit construction, Calder stated.

“Overall, we didn’t see a lot of new investment come to the Kootenays in 2024, and the ongoing trade dispute with the United States is not helping improve prospects,” he said. “Some industries will be affected more than others, but there is a general concern around how easily businesses can pivot and what the impact on workers will be.”

The value of major projects in the Kootenay region was just over $5 billion in the third quarter of 2024, down 2.4 per cent from one year earlier, the report read.

“Major project activity in the Kootenays was light in 2024,” said Calder. “Although five projects were completed, there aren’t any substantial resource projects underway that will boost our industrial capacity.”

As of the third quarter of 2024, a total of 16 projects were under construction, worth an estimated $2.4 billion. Approximately three-quarters of that value was dedicated to residential or resort and accommodation developments. Utilities projects accounted for most of the remaining value.

• To learn more, see www.bccheckup.com.