By CASTANET STAFF
Housing starts in Kelowna, Vernon and Kamloops are up, according to Canada Mortgage and Housing Corporation (CMHC).
Housing starts in the Kelowna Census Metropolitan Area (CMA) were trending at 2,301 units in July, up from 2,073 units in June, according to CMHC. The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“The trend measure for housing starts in the Kelowna (area) moved upward in July, driven by new condominium and rental projects getting underway,” said Taylor Pardy, senior market analyst for CMHC. “Demand for new multi-unit housing is supported by a growing population, increased resales, lower inventories of unsold new and existing homes and a lower rental vacancy rate.”
Elsewhere, Vernon recorded 182 starts in July, a massive jump compared with the 23 starts a year earlier.
A total of 137 units got underway in Kamloops last month, up significantly from 32 units in the same month in 2015.
CMHC also reports that housing starts in the Vancouver's metropolitan area were trending at 30,361 units in July, up slightly from June.
But fewer apartment starts in the Abbotsford-Mission area accounted for a decline in July builds, trending at 1,251 units, down from 1,399 units in June.