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Housing Starts Down in September
KELOWNA - OCTOBER 8, 2008 – Kelowna area housing starts were down sharply in September, according to Canada Mortgage and Housing Corporation (CMHC). Housing starts fell to 110 units from 446 units in September 2007.
“For the second straight month, Kelowna recorded no apartment condominium starts,” noted CMHC Market Analyst Paul Fabri. The decline was not unexpected given the surge in apartment condominium construction seen earlier this year. “Keep in mind, apartment condominium starts spiked up to among the highest monthly levels ever in September 2007,” said Fabri. Starts of detached homes were on par with last year.
Demand for new homes has begun to moderate. “Strong competition from an increasingly well supplied existing home market, sliding consumer confidence and the rising costs of home ownership have taken a bite out of new home demand,” explained Fabri.
Elsewhere, Kamloops housing starts, led by the multi-family sector, jumped to the highest monthly level since July 1993. Construction began on two apartment condominium projects totaling 59 units in September. Pent-up demand has been a key driver. Penticton posted a small increase. Vernon area housing starts declined in September, with singles starts dropping in half from a year ago.
Nationally, housing starts saw little change in September at 217,600 units, seasonally adjusted at annual rates (SAAR), up slightly from 217,400 units (SAAR) the previous month. An increase in BC, the Prairie region and Atlantic Canada, was offset by a decline in Ontario.
Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642