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Kelowna Housing Starts Move Up in October

Posted On: 2009-11-09

KELOWNA  - NOVEMBER 9, 2009 – Kelowna area housing starts increased to 107 homes in October from 66 homes a year ago, according to Canada Mortgage and Housing Corporation (CMHC).   

“Rental apartment construction boosted October housing starts,” noted CMHC Market Analyst Paul Fabri.   “With construction costs coming down, rental construction has become a more viable development opportunity than in recent years,” explained Fabri.  Rental construction is forecast to account for the lion’s share of apartment starts this year and in first half of 2010.  “Strong price competition from a well supplied existing home market and rising inventories of new, completed and unoccupied units have constrained apartment condominium construction in 2009,” added Fabri.  Starts of detached homes, while at low levels, have begun to edge up during the past few months.  October singles starts were on par with last year.   

Kamloops, Vernon and Penticton starts were lower in October.  

Nationally, October housing starts moved up to 157,300 units, seasonally adjusted at annual rates (SAAR), from 149,300 units (SAAR) in September.   All regions except Quebec saw an increase in the annual rate.  In urban British Columbia, the seasonally adjusted annual rate of housing starts rose to 16,100 units (SAAR) in October from 14,000 units (SAAR) the previous month.   

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. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.  

For more information, visit www.cmhc.ca or call 1-800-668-2642

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