More homes, few rentals

Photo: Authentech Homes

Single family homes are driving the building market in Vernon.

More single and multi-family homes are being built in Vernon but the vacancy rate for renters remains below two per cent.

The construction of single family homes is currently driving the market, Kevin Poole, the City of Vernon's economic development manager, told city council Monday.

“Recently, there has been strong residential in terms of single family (building permits),” said Poole. “There are a lot of multi-family but these are still working their way through the system.”

Statistics showed that between Jan.-June, there was a total of $68.3 million in building permit applications. Single residences made up $38.4 million of the total.

Poole said construction of the units is “spread throughout the community” including:

• Predator Ridge where The Commonage neighbourhood is being built
• Foothills
• Adventure Bay
• Canadian Lakeview Estates

He said some units were also being built in East Hill and Harwood.

For renters, the situation is difficult with the vacancy rate sitting at 1.9 per cent, Poole confirmed.

A case in point is BX Crossing on 48th Avenue where 86 units are still under construction.

“They've had 700 applications for 86 units,” Poole told council. “It really shows the low vacancy rate in Vernon."

He said it is hoped some renters will be able to move into the apartment building at the end of July with the rest at the end of August.