Local housing starts plummet

Oct 18, 2023 | 11:25 AM

There was a significant decrease in local housing starts in September.

The Canadian Mortgage and Housing Corporation (CMHC) reported there were just three housing projects started in Greater Vernon during the month in question.

That was down from the 30 projects started in August, and from the 45 in September of 2022.

The projects started last month were one single and two semi-detached homes.

As of the end of September, a total of 272 housing starts had been launched in Greater Vernon. That was down from the 358 starts recorded in the same period of 2022.

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Provincially, there were 3,160 housing starts across B.C. in September, which was down from the 4,274 in September 2022.

However, B.C.’s year-to-date housing start total as of the end of September 2023 was 35,051, which was up from the 31,505 projects started during the same period of the previous year.

Nationally, housing starts were down on an annual basis as well.

CMHC reported 22,184 housing projects launched across Canada in September, down from the 24,097 starts recorded in the same mont of 2022.

As of the end of September, a total of 165,243 housing projects had been started in Canada in 2023. During the same period of 2022, there were 179,578 starts recorded across the nation.

by Liam Verster

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