Housing starts set new record for Kelowna,BC in 2007.
Housing starts set record
by Rachael Kimola - Story: 36474
Jan 10, 2008 / 5:00 am
A record high was reached in local housing starts last year.
According to the Canadian Mortgage and Housing Corporation, housing starts in Kelowna climbed 4% from 2006 levels.
CMHC market analyst, Paul Fabri, says housing starts have broken the 2,500 unit mark for the last three years.
"Housing starts climbed four per cent to 2,805 units from 2,692 units in 2006. Strong employment growth has boosted in-migration and demand for housing," says Fabri.
He says retirees and buyers seeking resort oriented housing also contributed to sharply increased demand for new homes.
"Multi-family-housing has seen the strongest growth in demand. With few new or existing detached units available for less than $400,000 more first-time buyers are turning to townhouses and condominiums. Resort housing and second residences have emerged as the fastest growing segment of Kelowna's condominium market."
Nationally, housing starts in 2007 are estimated at 229,600 units, increasing to their second highest level in almost two decades.
Reports like these continue to show a strong local housing market here in Kelowna,BC and its outlying areas. The desirability to live here is certainly evident based on continued growth in housing starts and multi-family based projects. The average price of a home in Kelowna was recently announced by the BC Assessment Authority as being $519,000. With that sort of average price point in mind there is no surprise then as to why there is a steady stream of multi-family starts to meet the first-time home buyer's needs and the recreation market as well. Whether you like to ski, golf, tour wineries or enjoy water-sports the Okanagan certainly offers it all. Purchasing a home here in the "Sunny Okanagan" is undoubtedly one of the wisest decisions that I have ever made. Investors continue to descend on this area in record numbers and many have realized significant gains on their real estate investments already. Like the adage goes..."Better late than never" so very true for the Kelowna market at this time! Thanks for reading my blog and have a great day.
Sincerely,
Jason Neumann
Posted by Jason Neumann
on January 13, 2008