Multi-unit starts continue to be the driving force in the Kelowna housing market.
According to a report released Tuesday by Canada Mortgage and Housing Corporation (CMHC), housing starts in Kelowna were trending toward 2,301 units in July compared to 2,073 units in June.
The year-over-year comparison is even more impressive. By this time last year, there were 730 housing starts in Kelowna. From January to July of this year there have been 1,188 for difference of 458.
CMHC says the uptick is being driven by new condominium and rental projects.
“Demand for new multi-unit housing is supported by a growing population, increased resales, lower
inventories of unsold new and existing homes and a lower rental vacancy rate,” said Taylor Pardy, CMHC Senior Market Analyst.
Housing starts were also up in Vernon in July when there were 182 compared to just 23 in the same month last year.