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Kelowna Housing Starts Decline
KELOWNA - DECEMBER 8, 2008 – Kelowna area housing starts declined to 50 units from 140 units in November 2007, according to Canada Mortgage and Housing Corporation (CMHC). November starts are consistent with CMHC’s forecast which calls for more moderate levels of new home construction this year and next.
Elsewhere, Kamloops and Vernon area starts also moved lower in November. Penticton saw November starts jump to a three and one half year high, the multi-family sector accounting for all of the increase.
Nationally, the seasonally adjusted annual rate of housing starts was 172,000 units, in November, down from 211,800 units (SAAR) in October. All regions recorded a decline in new home construction.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.
For more information, visit www.cmhc.ca or call 1-800-668-2642