Kelowna area housing starts are forecast to increase to 1,125 in 2014 from 900 homes in 2013. Both single-detached and multiple-family starts are forecast to move higher.
Demand for new and existing homes is expected to increase in 2014. Higher employment growth coupled with low mortgage interest rates will support increased demand for housing in Kelowna.
MLS® home sales are forecast to increase twelve per cent in 2014. Buyers will continue to benefit from an ample supply of listings and price competition among sellers.
MLS® prices are expected edge higher in 2014 as demand improves and the supply of listings is drawn down.
Kelowna’s apartment vacancy rate is expected to edge lower in 2014 and sits now at a very low 1.8%.