Image: Contributed
Housing starts are down in Vernon when compared to this time last year.
To start 2018 there have been 28 housing starts compared to 35 from last year.
And in February alone, the number of housing starts is down from 24 in 2017 to 10 in 2018.
However, a dip in the numbers does not make a trend.
Taylor Pardy from Canada Mortgage and Housing Corporation says while starts might be down in Vernon to start the year, there is no reason to fret.
“These fluctuations happen, especially with multi-unit projects. Sometimes large projects come online and really bolster the numbers.”
More than 380 single-family homes were developed in 2017 throughout the North Okanagan — Vernon makes up almost half the region’s housing stock.
“The housing market has been moving along at a pretty strong pace due to some stronger population growth and migration into the area,” says Pardy. “What has really happened over the past two years is the stronger population growth has fueled the demand for all housing types in the Vernon area.”
Despite that development, Vernon has 1.5 per cent vacancy rate.
“We have been seeing housing starts slowly trending upward over the past few years so builders are responding to the need for some new supply, and a diversity of supply as well.”
“Right now,” says Pardy, “there’s a lot more competition for housing in general in the area.”
All Biz Releases Stories
