Local home registration plummeted on annual basis

Jan 12, 2024 | 10:45 AM

The local housing market saw a significant decline on new home registration.

Data from B.C. Housing provided to Vernon Matters showed there were a total of 818 new homes (all types) registered in Greater Vernon in 2023.

Those included 405 in Vernon, 396 in the Regional District of North Okanagan, and 17 in Coldstream.

Comparatively, there were a total of 1,182 new homes registered in Greater Vernon in 2022, consisting of 630 in the RDNO, 517 in Vernon and 35 in Coldstream.

Additionally, there were only 28 purpose-built rental homes registered locally in 2023, all of which were located in the RDNO.

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The previous year saw a total of 256 local purpose-built registrations, with 128 in both Vernon and the RDNO.

“The decline between 2023 and 2022 in part reflects 2022 being a particularly strong year for new home registrations in the North Okanagan,” the statement from B.C.Housing claimed.

“The yearly average for home registrations in the North Okanagan is 508 units (2002 to 2023).”

The new homes registered in Greater Vernon were part of the 45,647 new homes registered across B.C. last year.

B.C. Housing added there were challenges in 2023 with increased construction costs, record high interest rates and slow approval processes, but stated creating more housing was a priority for the provincial government moving forward, pointing to legislation passed in the fall to reduce construction delays, deliver more small-scale multi-unit dwellings near transit, and trun short-term rentals into homes for people.

It was also noted that increased investments in B.C. Housing since 2017 have resulted in the construction of more than 77,000 homes in B.C., including 575 in the RDNO and 519 in Vernon.

by Liam Verster

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