Kelowna construction starts up 34% for January 2008.
Kelowna construction starts year strong
by Rachael Kimola - Story: 37219
Feb 11, 2008 / 5:00 am
Kelowna's new home construction sector began 2008 on a strong note, according to Canada Mortgage and Housing Corporation.
CMHC market analyst Paul Fabri says January housing starts jumped to 277 units from 206 units in the same month last year.
"Housing starts, led by the multi-family sector, reached the highest January level ever. Construction began on three apartment condominium projects totalling 207 units. Multi-family housing continues to see the strongest growth in demand," says Fabri.
He says price and lifestyle are key drivers.
"Kelowna's growing economy continues to attract job seekers, keeping demand for new housing at high levels. Regional amenities remain a big draw, which creates population growth and demand for resort housing and second residences."
Fabri says across the Okanagan, Vernon starts were also up in January.
"Penticton starts fell back sharply from last year. Fewer multi-family starts accounted for the decline. Kamloops recorded a smaller drop in new home construction activity."
He says nationally, housing starts rebounded in January, increasing to 222,700 units, from 184,700 units in December.
Kelowna appears to be starting off on a strong note for January. As the article above mentions multi-family starts continue to lead the way as more families look to move to Kelowna. Affordability for first time home buyers will more than likely continue the trend of multi-family construction starts. Interesting to note that Penticton and Kamloops are not off to as robust of starts on multi-family housing. Looks like this year may surprise us all again and show more upward movement in house pricing versus what some have predicted. A couple more months and the spring season will be upon us and the Kelowna real estate market will be in full swing!
Sincerely,
Jason Neumann
Posted by Jason Neumann
on February 11, 2008