KELOWNA – The housing market in Kelowna is booming with the majority of new starts being multi units.
Wilden Real Estate is feeling the surge. The local development company says its selling units faster than it can build them.
“We’ve advanced projections and our construction schedules to [balance out the] demand. Phase two and three will be started right away so instead of those coming out in the fall, those will be coming out May 2,” says Vice President of Sales for Wilden, Brent Couves.
Housing starts in Kelowna last month more than tripled numbers seen last year, with 200 new starts in March 2016, compared to 61 in March last year.
For the quarter, starts more than doubled. There were 565 new starts in Kelowna from January to March this year compared to 213 starts during the same period last year.
“We are now getting very active in the market and the sales pace is very much out-pacing the actual listings,” says Royal LePage Realtor, Don Gagnon.
Some are comparing Kelowna’s current market to the housing boom seen in 2007 and 2008.
Gagnon cites March 2016 as the sixth busiest sales month in Kelowna’s recent history.
“If we go back into last year, there’s one month that was busy, then most of the other busy months are in 2007,” says Gagnon.
Canada Mortgage and Housing says the spike is likely because the city is becoming a more and more appealing place to live for both young professionals and seniors.
Gagnon predicts the climb in new home construction will continue in the city.
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