Get the Top, Local stories delivered to your inbox! Click here to join the daily Vernon Matters newsletter.
A house being built in Vernon (Vernon Matters file photo)
New house construction

Vernon finished year with fewer new housing builds

Feb 8, 2022 | 11:17 AM

Vernon saw declines in both new housing starts and completions in 2021 compared to the year before.

The Canada Mortgage and Housing Corporation (CMHC) said the greater Vernon area reported 40 new housing starts in December and 116 completions.

While the figures were up from the 26 starts and nine completions in December of 2020, it still did not close the gap for yearly totals.

The CMHC data showed there were 291 new housing builds started in 2021, and 338 completions. That’s down from the 335 starts and 507 completions in 2020.

However, Vernon did see an increase in absorptions, which accounts for sales of previously completed units.

In December of 2021, there were 113 absorptions, bringing the yearly total to 330. That is up significantly from the eight absorptions in the same month of 2020 and the annual total of 235 sales.

CMHC also noted that December 2021’s average sale price of absorbed single-detached units in Vernon was $1,226,667, down from the $1,584,250 sales price recorded the December prior.

View Comments