Kelowna Housing Starts - Dec. 8, 2008
Dec 8, 2008 / 12:37 pm
According to Canada Mortgage and Housing Corporation, housing starts dropped to 50 units in November from 140 units in November 2007.
Paul Fabri of CMHC says the November starts are consistent with their forecast, which calls for more moderate levels of new home construction this year and next.
“We’ve been forecasting that we will see demand moderate, but keep in mind we are coming off record highs in 2007. We’ve seen an upswing in both housing starts and sales for about five years. We knew it was unlikely to continue indefinitely,” says Fabri.
He says the Okanagan is not feeling the after effects of the housing crisis in the U.S.
“I don’t equate our moderation in housing activity with what’s been happening in the United States. I think we’ll see housing demand in the Kelowna area align itself more in terms of historical demographic demands. In in other words, we are going to see housing starts level out at numbers which reflect our population growth.”
Fabri says Penticton saw November starts jump to a three and one half year high, due mostly to the start of a large apartment building.
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