Vernon’s housing starts off to promising start in 2022

Mar 16, 2022 | 11:47 AM

The first two months of 2022 bode well for housing developments in Greater Vernon.

The Canadian Mortgage and Housing Corporation (CMHC) said in February there were 20 new housing-builds started and 15 completed.

The starts in Greater Vernon include nine single detached homes, two semi-detached homes, four row homes and five apartments.

The projects completed in February include 10 single homes, four row homes and one apartment.

The figures reflect an improvement from last February, which saw 11 starts and 17 completions.

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There were 12 absorptions, or sales of previously completed homes, in February. That’s down from the 16 in the same month last year.

To date, Greater Vernon has seen 61 housing projects started, 28 completed with 22 absorptions in 2022. Comparatively, there were 24 starts, 31 completions and 28 absorptions in the first two months of 2021.

It’s noted that 342 projects were under constructions in Greater Vernon last month. Those include 149 single family houses, 42 semi-detached houses, 83 row houses and 68 apartments.

The CMHC’s data shows Vernon had 19 housing starts, 10 completions and 8 absorptions in February. To date, there have been 56 housing starts, 18 projects completed and 14 sold in Vernon this year.

The projects started in February include 8 single detached, two semi detached and four row homes, along with five apartments. Those finished consist of six single and four row houses.

In the City there were 281 housing projects under construction in February. Those consisted of 100 single family homes, 34 semi-detached homes, 83 row houses and 64 apartments.

There have been no new housing starts in Coldstream in 2022, and the four completions and three absorptions in the municipal district this year were all in February.

The Municipal District of Coldstream had 20 projects, all of which were single family houses, under construction in February.

Totals within the North Okanagan Regional District Electoral Area C are four starts, five completions and four absorptions in 2022 after one of each category was added in February.

There were no changes in February to housing developments in Electoral Area B, which has seen one start, completion and sale so far this year.

There were two single family and two semi-detached homes under construction in Area B in February, and 27 single homes, six semi-detached and four apartments being built in Area C.

by Liam Verster

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