After a boom in 2017, new home construction has certainly slowed in Kelowna this year.
The latest figures from Canada Mortgage and Housing Corporation show construction started on 1,838 homes of all kinds (single-family, townhouse, condominium and apartment) during the first 10 months of this year.
That’s a 59 per cent plunge from the 2,912 starts over the same period in 2017.
Last year was a big one for construction of rental apartment buildings to meet incredible demand.
Much of that demand has now been met, so construction of apartment complexes has eased.
The new home construction pull back is in keeping with what’s happening in the resale housing market.
Sales of homes of all kinds (single-family, townhouse and condo) have softened.
For both resales and new construction, tough new mortgage rules, higher interest rates, a correction in the Vancouver market and consumers taking a wait-andsee stance have led to the deceleration.