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Housing starts show growth
Conditions are looking up in Kelowna’s construction sector.
The Canada Mortgage and Housing Corporation reported Monday that Kelowna area housing starts totalled 173 in July 2011 compared to 64 the same month a year ago.
“Multi-family construction, including townhouses and apartment condominiums, boosted July housing starts to the highest monthly level this year,” said CMHC market analyst Paul Fabri.
“Detached home starts were lower than in July 2010.”
Kamloops was in a similar position to Kelowna, while Vernon and Penticton housing starts were down from levels recorded in July 2010.
Nationally, the seasonally adjusted annual rate of total housing starts increased to 205,100 units in July, from 196,600 units in June.
In B.C. July’s seasonally adjusted rate of urban housing starts moved higher to 28,200 units from 21,200 units in the previous month.