Kelowna had a busy month in the construction market with more than 200 new units being constructed in the city, says a Canada Mortgage and Housing Corporation report.
Kelowna housing trends were higher in June 2018 with more single-detached and multi-family units.
While the number of housing starts in the first half of 2018 was lower than last year’s record high, the pace of construction was still well above the 10-year average for the region,” said Taylor Pardy, CMHC’s senior market analyst for Kelowna, in a news release.
“Higher migration and population growth have fueled demand for new homes in the Kelowna CMA, particularly rental apartments, as vacancy rates have been below one per cent since 2015.”
According to the report, Kelowna had 300 new housing starts in June, compared to 200 in June 2017.
In the city, 42 per cent of these starts are condos, 30 per cent are rentals and 28 per cent are homeowners.