New home construction boomingby Contributed - Story: 38529
Apr 8, 2008 / 11:00 am
Kelowna area housing starts were up again in March according to Canada Mortgage and Housing Corporation (CMHC).
Housing starts totaled 250 units, recording year-over-year gains for the third straight month in March.
First quarter housing starts, led by the multi-family sector, have more than doubled from last year.
“This year’s surge in multi-family construction has pushed housing starts to the highest first quarter level ever,” noted CMHC Market Analyst Paul Fabri.
Construction began on another two apartment condominium projects totaling 96 units.
“Price and lifestyle are the key drivers."
Multi-family starts are expected to drop back in April.
Starts of detached housing declined from last March, but remained at high levels.
Elsewhere, Penticton housing starts posted a smaller increase. Kamloops and Vernon starts dropped back from levels recorded in March 2007.
Nationally, housing starts were almost unchanged from a year ago at 254,700 units, seasonally adjusted at annual rates (SAAR).
Both Atlantic Canada and the Prairies saw an increase in the annual rate, largely offsetting declines in Quebec, Ontario and BC.