News

Housing starts decrease for Kelowna in August

According to preliminary data released this week by Canada Mortgage and Housing Corporation, the Kelowna Census Metropolitan Area had 79 housing starts in August 2012, a slight decrease from the 82 housing starts recorded in August 2011.

“Detached home starts have been the focus of new home construction in 2012, matching levels recorded during the same eight month period last year. Reduced demand for resort homes and second residences has resulted in fewer multiple-family starts compared to recent years,” noted CMHC market analyst Paul Fabri.

Builders of both detached and multiple-family homes continue to face strong price competition from a well-supplied existing home market.

For August, Kamloops and Vernon housing starts were also lower compared to a year earlier.

Penticton area starts were on par with levels recorded in August 2011.

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.

CMHC Market Analysis standard reports are also available free for download at www.cmhc.ca/housingmarketinformation.

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