Multi-unit starts drive trend in Kelowna area: CMHC

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Multi-unit starts drive trend in Kelowna area: CMHC – Mar 9, 2016

KELOWNA — Housing starts in the Kelowna Census Metropolitan Area (CMA) were trending at 1,647 units in February which is up from 1,195 units in January, according to the Canada Mortgage and Housing Corporation (CMHC).

“The trend measure for Kelowna CMA housing starts moved upward in February as a result of a significant increase in new construction of apartment units,” said CMHC Senior Market Analyst Taylor Pardy in a new report out on Tuesday from the CMHC.

“Single-detached home starts maintained a steady trend for the month.”

The trend is a six-month moving average of the monthly seasonally adjusted rates (SAAR) of housing starts, which is the annual total that would result if the pace of construction in the current month continued for an entire year, according to the CMHC.

The standalone monthly SAAR was 3,799 units in February, up significantly from 903 units in January.

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The report says housing starts for February were down in Vernon compared to the same month last year showing 11 starts for the month, compared with 31 starts one year earlier.

In Kamloops, there were 23 units that got underway in February, compared with 15 units in the same month last year, according to the report.

New construction in Prince George declined in February with four units getting underway compared with 10 units a year earlier.

Click here for more CMHC housing starts data.