The number of housing starts in Kelowna dropped 29 per cent in 2018, according to data the Canadian Mortgage and Housing Corporation released on Wednesday.
There were 2,555 starts last year, which was down from the record 3,577 in Kelowna in 2017.
There was also a drop from November to December as the Kelowna market continued to moderate itself.
“Kelowna rental units were responsible for the largest share of the decline, followed by single-detached units,” CMHC market analyst Taylor Pardy said in a press release. “However, condo starts rose annually in response to demand for a more affordable homeownership option.”
It was a different story in Vernon and Penticton last year, as the number of housing starts went up when compared to 2017. The only kind of housing in Penticton that didn’t have an increase last year was semi-detached, while single-family dwellings were the only kind to decrease in Vernon over the last 12 months.
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