New home starts reflect pricing realities
Canada Mortgage and Housing Corporation reported 82 housing starts in the Kelowna area in August 2011 compared to 94 housing starts the same month a year ago.
Detached home construction matched levels recorded in August 2010.
“Demand has shifted away from higher-priced homes as developers and builders focus new housing projects on more price conscious home buyers,” noted CMHC market analyst Paul Fabri.
“Lower construction costs have enabled builders to better meet the needs of value conscious home buyers,” he added.
Multi-family construction pushed up Kamloops housing starts in August. Penticton area housing starts were down from levels recorded in August 2010.
Nationally, the seasonally adjusted annual rate of total housing starts decreased to 184,700 units in August, from 204,500 units in July.
In British Columbia, August’s seasonally adjusted annual rate of urban housing starts moved lower to 23,800 units from 28,100 units in the previous month.