Kamloops and Kelowna lagging behind in new home construction
Despite the huge demand for housing in Canada, the country as a whole, along with Kamloops and Kelowna in particular, is actually starting work on fewer homes so far this year than last.
Nationally, housing starts are down 8% to 143,372 to the end of August, according to the latest Canada Mortgage and Housing statistics.
Kamloops starts are down 23% so far this year from 289 in the first eight months of 2022 to 223 this year.
Kelowna’s starts are down 13% from 2,260 to 1,963.
Despite the overall drop, BC starts are up by 18% to 32,150 so far this year, led by Vancouver with a 47% increase to 23,044 – or 72% of the total.
Ontario is the only other province showing a year-over-year increase but only of 3% with Toronto leading the way with 35,105 starts, a 47% increase.
Toronto accounts for almost 61% of Ontario’s new housing.
Quebec is lagging far behind the rest of the country with a 43% drop in housing starts, fuelled largely by Montreal that saw a 53% drop to 8,195 this year. That’s 42% of Quebec’s total.
Calgary starts are basically flat with a 2% increase to 11,407 starts but Alberta starts, as a whole, are down 12%.
Of the country’s biggest cities, Guelph, leads the way with a 262% increase in housing starts to 984, while Lethbridge is faring the worst with an 83% drop to 116 starts from 692 last year.
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