Paige is a wonderful realtor! She was very patient with me in my buying process - buying your first condo can be a very stressful time but Paige wasn’t pushy & was always quick to point out things I wouldn’t know to look for. Very trustworthy! Thank you for making my first time buying experience a good one!
Nancy Moro
CMHC Report on October Starts in Van and Kelowna
Kelowna housing starts were up last month to 107 from 66 same time last year. The bulk of this is from rental apartment construction. Starts of single family homes, while still down considerably, are creeping up slowly. Vancouver, which Kelowna often follows in terms of activity, had their second highest number of starts in October.
Kelowna Housing Starts Move Up in October
KELOWNA - NOVEMBER 9, 2009 – Kelowna area housing starts increased to 107 homes in October from 66 homes a year ago, according to Canada Mortgage and Housing Corporation (CMHC). “Rental apartment construction boosted October housing starts,” noted CMHC Market Analyst Paul Fabri. “With construction costs coming down, rental construction has become a more viable development opportunity than in recent years,” explained Fabri. Rental construction is forecast to account for the lion’s share of apartment starts this
year and in first half of 2010. “Strong price competition from a well supplied existing home market and rising inventories of new, completed and unoccupied units have constrained apartment condominium construction in 2009,” added Fabri. Starts of detached homes, while at low levels, have begun to edge up during the past few months. October singles starts were on par with last year.
Kamloops, Vernon and Penticton starts were lower in October.
Nationally, October housing starts moved up to 157,300 units, seasonally adjusted at annual rates (SAAR), from 149,300 units (SAAR) in September. All regions except
Quebec saw an increase in the annual rate. In urban British Columbia, the seasonally adjusted annual rate of housing starts rose to 16,100 units (SAAR) in October from
14,000 units (SAAR) the previous month.
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
October Housing Starts in Vancouver
November 9, 2009 – According to Canada Mortgage and Housing Corporation (CMHC),
October was another encouraging month for housing starts. Some 892 new residential homes were begun, the second highest number of starts this year. Surrey led with a total of 383 housing starts, followed by Coquitlam where foundations were poured for 139 new homes.
“Even though year-to-date numbers for 2009 are still far below those recorded in 2008, the momentum of increase over the past three months is heartening. Single-detached
home construction continues to show strength, especially in Surrey. We are beginning to see a return of some larger scale multiple-unit residential projects, which were virtually
absent during the earlier part of this year”, said Robyn Adamache, Senior Market Analyst, CMHC. “CMHC is forecasting a modest increase in housing starts in 2010.”
In the Abbotsford CMA, there were 298 starts from January to October compared to 1,235 in the same period last year.
Urban B.C. home starts jumped to 16,100 units, seasonally adjusted at annual rates (SAAR) in October, compared to 14,000 in September. At the national level, housing starts also regained some ground with 157,300 units (SAAR) started in October, up from 149,300 units in September.
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