New Construction Rising

Thirteen new home construction starts were reported by the Canada Mortgage and Housing Corporation for the month of October.  This stat is up from the 9 housing starts for the same period in 2011.  Twelve of the thirteen projects were for single family dwellings.

So far, over the year of 2012 131 housing projects have started in Vernon, up from the 129 projects over the same period from 2011.  While these numbers don't show an explosive construction increase from 2011 to 2012 they do demonstrate that the new homes business is still moving in the Vernon area and is getting better, even if only slightly.

For the month of October housing sales, in Vernon BC, based only on volume, are up an astounding 26% from October 2011.  Combining the sales increase with the rise in housing starts paints a pictures of a market on its rise.  While the rise is not nearly as extreme as what happened during the 2007 period it is a rise that makes it much more appealing for those thinking about selling their beloved homes to to take leap and sell.  And for those buyers on the fence about buying it gives them faith that many others are putting their faith in the market and buying homes in the Okanagan.

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