New Home Construction Led By Apartments

Jan 9, 2019 | 1:19 PM

The building of new apartments led to a busier year for housing construction in Vernon.

Canada Mortgage and Housing says there were 448 new homes started in 2018, 50 more than the previous year.

New apartments accounted for 154 of the starts, with 159 single family homes, 54 semi detached, and 81 row housing.

Seventy new homes were started in Decemeber, down from the 105 in December 2017.

“Both Vernon and Penticton saw moderate gains in the total amount of housing starts in 2018, compared to 2017,” says CMHC market analyst Taylor Pardy.

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More than 25-hundred new homes were started in Kelowna last year (2,555), with well over half of them (1,493) new apartments.

There were 618 single family homes, 106 semi detached, and 338 row.

The total was down 29 percent from the city’s record year in 2017 (3,577), with rental units responsible for most of the decline.

“Total housing starts trended down slightly in Kelowna for December, ending the year with new starts down by 29% annually,” says Pardy. “Kelowna rental units were responsible for the largest share of the decline, followed by single-detached units. However condo starts rose annually in response to demand for a more affordable home ownership option.”

by Corey Fischer