Vernon housing starts soar

The Canada Mortgage and Housing Corporation reports that there were 182 housing starts in July.

The sounds of construction continue to be heard throughout Vernon.

The Canada Mortgage and Housing Corporation reports that there were 182 housing starts in July. That is up from 23 during the same month in 2015.

“Multi-unit projects are driving starts higher in Vernon,” said Taylor Pardy, CMHC senior market analyst.

The 182 starts consisted of 20 single-detached units (19 in July 2015) and 162 multiple units (23 in July 2015).

Year-to-date, there have been 373 housing starts of all types in Vernon, up from 166 during the first seven months of last year.

Elsewhere in the region, Kelowna had 195 housing starts in July, up from 179 during the same month in 2015, while starts went from 32 to 137 in Kamloops.

“Demand for new multi-unit housing is supported by a growing population, increased resales, lower inventories of unsold new and existing homes and a lower rental vacancy rate,” said Pardy.