Housing starts in the Kelowna Census Metropolitan Area were trending at 1,213 units in August compared to 1,276 units in July, according to the Canada Mortgage and Housing Corporation.
The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
“The trend is housing starts for both single-detached and multiples were relatively unchanged in August, reflecting stable demand for new homes,” said Sarena Treakles, CMHC senior market analyst.
“The level of new home construction is consistent with Kelowna’s balanced resale market and in line with CMHC’s outlook for the new year.”
The standalone monthly SAAR was 973 units in August, compared to 1,065 units in July.
Actualy housing starts were similar to levels reported last month for Kamloops, Victoria, and Prince George.
The British Columbia Real Estate Association (BCREA) reports that a total of 7,341 residential sales were recorded by the Multiple Listing Service in August, up seven per cent registered in August 2013.
Total sales dollar volume was $4.1 billion, an increase of 12.4 per cent compared to a year ago. The average MLS residential price in the province rose to $560,318, up five per cent from the same month last year.