Improvements forecast for construction

The Urban Development Institute forecast luncheon is presented annually in the Okanagan

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.

 

Just Posted

Coldstream celebrates spring with Easter egg hunt

The family-friendly event takes place Mackie Lake House Saturday, April 20 at 10 a.m.

Vernon woman launches sewing studio

“I know there’s a lot of people up and down the valley that would love to sew.”

Vipers win pivotal game 5 to take 3-2 series lead

Vipers beat the Trail Smoke Eaters by a score of 5-2 and will look to end the series Saturday night in Trail at 7 p.m. at the Trail Memorial Centre. Contributed: Vernon Vipers Staff

None injured in small fire near Lumby

“It looks like it was accidental, definitely nothing suspicious.”

Vernon road closed again following landslide

The road that was reopened Thursday morning was closed again Friday following geotechnical engineer report.

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

1,300 cruise ship passengers rescued by helicopter amid storm off Norway’s coast

Rescue teams with helicopters and boats were sent to evacuate the cruise ship under extremely difficult circumstances

Former Okanagan teen found safe after disappearing from YVR airport

Ethan Burnett, 14, was found safe in Kelowna on March 22

B.C. university to offer first graduate program on mindfulness in Canada

University of the Fraser Valley says the mostly-online program focuses on self-care and well being

Province announces $18.6 million for B.C. Search and Rescue

The funding, spread over three years, to pay for operations, equipment, and training

Late-season wave of the flu makes its round in B.C.

BC Centre for Disease Control reported 50 per cent jump in flu cases in first weeks of March

Tofino’s housing crisis causing some to seek shelter at the local hospital

Tofino’s housing crisis is pushing the town’s ‘hidden homeless’ population into the forefront.

Sentencing judge in Broncos crash calls for carnage on highways to end

Judge Inez Cardinal sentenced Jaskirat Singh Sidhu to eight years

2 fires in Victoria caused by cigarettes prompts warning from deputy fire chief

Two separate fires caused by cigarette butts were avoidable

Most Read