Kamloops and Kelowna housing starts lagged behind rest of BC in 2023
Housing starts in BC were up 11% last year but they were flat in Kamloops and down 12% in Kelowna.The latest data from Canada Mortgage and Housing Corporation released today, Jan. 16, shows a drop in national housing starts of 7% for the year to 223,513.This comes at a time when there is a crucial housing shortage across the country, but it’s not all bad news.“Following record and near-record highs in 2021 and 2022, housing starts dipped in 2023, but still significantly outperformed expectations for the year,” CMHC’s chief economist Bob Dugan said in a news release.“The decline was driven mainly by a sharp drop-off in single-detached starts and tighter economic conditions affecting multi-unit starts in the year’s final quarter."The recent monthly multi-unit volatility is not surprising as we’re now starting to see 2023’s challenging borrowing conditions and labour shortages in the housing starts numbers and we expect to see continued downward pressure in the coming months.”BC had 47,894 housing starts last year.…
16 Jan 19:30 · iNFOnews.ca