KELOWNA - JANUARY 11, 2010 – CMHC
Kelowna area housing starts totalled 657 homes in 2009, down from 2,257 homes the previous year, according to Canada Mortgage and Housing Corporation (CMHC). Fewer multi-family homes accounted for most of 2009’s decline. “Strong price competition from a well supplied existing home market and high inventories of new, completed and unoccupied units constrained apartment condominium construction in 2009,”.
Kelowna’s new home construction market ended the year on a positive note. December housing starts, led by the detached home sector, increased to 72 units from 28 units in 2008. “Detached home starts have begun to trend back up in recent months,” noted Fabri. Both detached home and multi-family starts are expected to move higher in
2010.
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Vantage West
Monday, January 11, 2010
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