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File Photo: Kelly Hayes - Castanet
File Photo: Kelly Hayes - Castanet

Kelowna housing starts drop in April
by Contributed - Story: 39197
May 9, 2008 / 5:00 am

Kelowna area housing starts dropped back in April, according to Canada Mortgage and Housing Corporation (CMHC).

Housing starts fell to 249 units from 349 units in April 2007. Fewer multi-family starts accounted for most of April’s decline.

“Housing starts were expected to decline following this year’s first quarter surge in multifamily construction,”says CMHC Market Analyst Paul Fabri.

Multi-family starts have more than doubled from levels recorded during the same four month period last year.

Construction began on another two apartment condominium projects in April and the first rental apartment building since 2005. Starts of detached housing, though down from a year ago, remained at high levels in April.

Elsewhere, Kamloops and Penticton also recorded fewer housing starts in April. Vernon starts were up, boosted by an increase in multi-family construction.

Nationally, housing starts dipped 12 per cent to 213,900 units, seasonally adjusted at annual rates from 243,000 units in March. All regions except BC saw a decline in the annual rate.





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