Kelowna housing starts down this year

The Canada Mortgage and Housing Corporation reports housing starts in Kelowna have decreased in the first 8 month of 2018.

Despite a very strong August, construction of single detached homes dropped 29% - while multi-unit starts decreased by 28%.

The CMHC says while new home construction may have slowed - the pace of housing starts this year remains well above the 10-year average. 

Across the country - demand for housing in Vancouver remains strong this year, and has resulted in the pace of new home construction moving ahead of levels recorded during the first 8 months of 2017.

In Toronto - rising prices, and land constraints, have pulled back sales of pre-construction single-detached units - which resulted in fewer starts this year when compared to 2017.