News

Housing contruction stabilized in 2012

There’s been little movement in the home construction sector.

There were 165 housing starts in 2012 in Vernon, up slightly from 163 starts in 2011.

Experts believe there is one primary factor as to why there wasn’t much growth.

“Vernon’s new home market is facing strong competition from a well-supplied existing home market,” said Paul Fabri, an analyst with the Canada Mortgage and Housing Corporation.

“A lot of people are turning to existing homes (because of price).”

The other factor impacting construction activity has been the lack of employment growth in the region.

Of the 165 starts in Vernon during 2012, 125 were single-detached units while 40 were multiple units.

For December, there were 15 starts in Vernon, up from eight during the same month in 2011.

CMHC is forecasting a modest increase in Vernon housing starts in 2013.

“B.C. is expected to see increased migration into the province and employment growth,” said Fabri.

“The number of listings of existing homes is also being drawn down.”

 

 

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Flu vaccine less effective against mutant strain
 
Amrik Virk advised Kwantlen on secret executive bonus
 
Missing Vernon teen possibly in Alberta
Christmas store opens in the Elk Valley
 
Liquor changes could push up prices
 
New rules coming for local election spending
Literacy on the road to school
 
Jack Talstra made Freeman of the City of Terrace
 
Terrace man is missing

Community Events, November 2014

Add an Event


Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Nov 23 edition online now. Browse the archives.