Business

Construction starts climb

There were 14 housing starts in Vernon in February, up from seven starts during the same month in 2013. - Morning Star file photo
There were 14 housing starts in Vernon in February, up from seven starts during the same month in 2013.
— image credit: Morning Star file photo

Housing construction is on the upswing in the North Okanagan.

The Canada Mortgage and Housing Corporation reports there were 14 housing starts in the Vernon area in February, up from seven during the same month in 2013.

Of the 14 starts, 13 were single-detached units and there was one multiple unit.

“Higher levels of new home construction in 2014 are supported by lower inventories of new, completed and unabsorbed homes,” said Paul Fabri, CMHC market analyst, of the market conditions in the Okanagan.

“Rising sales of existing homes coupled with fewer active listings have also contributed to increased demand for new homes.”

Year-to-date in Vernon, there have  been 22 housing starts, down from 31 during the first two months of 2013.

Housing starts in Kelowna were at 82 units in February compared to 50 during the same month in 2013. There were 99 units in Kamloops (six in 2013) and 14 in Prince George (seven in 2013).

 

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