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By Corey Fischer
Apartments Push New Home Construction

Apartments Push New Home Construction

Oct 9, 2018 | 12:45 PM

A surge in new apartments has Vernon’s new housing starts tracking well ahead of last year.

Canada Mortgage and Housing says there has been 324 new homes of all types started this year in the Vernon area, compared to 224 this time last year.

That includes 25 new starts in September — 14 of those single detached homes along with 11 units of row housing.

Partly due to the strong demand for rental housing, 110 new apartment units have been started this year, compared to 17 last year.

“The national trend in housing starts stood at a 19-month low in September, following declines in four of the last five months,” said Bob Dugan, CMHC’s chief economist. “The slowdown in the pace of new residential construction activity in recent months is a result of both lower single-detached and multi-starts activity and brings new residential construction closer to its long run average from the elevated levels registered in 2017.”

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by Corey Fischer

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