The latest report from the Canada Mortgage and Housing Corporation (CMHC) has revealed Kelowna’s housing starts remain steady, with 1,417 units in March compared to February’s 1,456 units.
The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“For the fifth consecutive month, the trend measure for total housing starts remained steady in March,” Sarena Teakles, CMHC senior market analyst, was quoted by Castanet
“This stability speaks to the general balance between the demand for and the supply of housing in the area, while an improving labour market and low interest rates support housing demand.”
The stand-alone monthly SAAR was 1,016 units last month, down from 1,223 units in February.
Majority of the areas in B.C. Interior exceeded the housing starts record from the same quarter last year, particularly parts of Northern B.C, with
real estate investing in the area boomed.
Prince George and Fort St. John saw higher levels of housing starts as year-over-year growth were boosted by an up-tick in single-detached starts and multiples starts, respectively.
However, Kamloops had fewer starts over the same period as the fall in the number of multiples starts offset a higher number of single-detached starts.
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