Improvements forecast for construction
Modest housing construction growth for the Okanagan is forecast.
During Thursday’s Urban Development Institute’s forecast luncheon, Paul Fabri, a Canada Mortgage and Housing Corporation analyst, shared the latest statistics and analysis of the economy as it relates to housing markets in the Southern Interior.
“MLS home sales are forecast to increase in 2013 and 2014. Buyers will continue to benefit from an ample supply of listings and price competition among sellers,” said Fabri during the event in Kelowna.
“Existing home prices are expected to stabilize this year and begin to edge higher in 2014 as demand picks up and supply of homes available for sale is slowly drawn down.”
Fabri forecasted that stronger employment growth coupled with low interest rates will support increased demand for housing.
He also believes single-detached and multiple-family housings starts are expected to increase this year and in 2014, while the area will see declining inventories of new, completed and unoccupied homes that will result in an increased level of new home constructions.
The Urban Development Institute forecast luncheon is presented annually in the Okanagan.
“The development industry is responsible for one out of five jobs in the province of B.C. and our association will continue to provide its members with the latest economic news from top industry analysts,” said Andrew Bruce, UDI Okanagan president.
The Urban Development Institute is a national non-profit association of the development industry and its related professions.