Housing starts in the Kelowna area continue to build from lows in 2008 and the beginning of 2009, but have declined leading into October 2010.
The latest numbers from Canada Mortgage and Housing Corporation (CMHC) were down in October, which is typical for the time of year, but still failed to meet the numbers from the same month in 2009.
Single family homes started in Kelowna during the month of October numbered 40, while 14 multiple units were begun during the month, for a total of 54 homes. In 2009, that number was 107, a 50% drop.
“Kelowna area multi-family starts typically fluctuate considerably from month-to-month,” said CMHC analyst Paul Fabri in a news release Monday. “Rental apartment construction boosted multi-family starts last year.”
In Penticton, 20 homes were begun last month, half in multi-family units, a marked increase over the six built during the same month last year.
In Vernon, construction slowed considerably in October, dropping 75%, with only nine homes begun during the month compared to 36 in October of 2009.
Nationally and provincially, CMHC says housing starts were also down in October.
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