Housing starts in Kelowna for September

Kelowna’s strengthening resale market continues to support a stable demand for new homes of all dwelling types.

Housing starts in the Kelowna Census Metropolitan Area (CMA) were trending at 1,204 units in September compared to 1,220 units in August, according to Canada Mortgage and Housing Corporation (CMHC).

The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“The trend measure for total housing starts remained steady in September. Kelowna’s strengthening resale market continues to support a stable demand for new homes of all dwelling types,” reported Sarena Teakles, CMHC senior market analyst.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of thehousing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The stand-alone monthly SAAR was 1,256 units in September, compared to 1,007 units in August.

Actual housing starts in Kamloops and Vernon were higher in September 2014 compared to last year.

This boost in housing starts has pushed year-to-date figures in Vernon over year-earlier levels. The total count of 2014 starts in Kamloops, however, remained below the number recorded last year.

Across northern British Columbia, year-to-date actual housing starts data revealed pockets of heightened new home construction activity. Areas of note included Fort St. John, Dawson Creek and Terrace. In Prince George, a decline in the number of multiples starts throughout the year has resulted in fewer new homes underway compared to the same period a year ago.