Kelowna housing starts twice historic average in 2023
The number of building permits for new homes in Kelowna in 2023 was almost double the average for the previous 10 years.
The City of Kelowna issued permits for 3,934 new homes last year, according to a report going to city council, Monday, Jan. 8.
The five-year average was 2,509 while the 10-year average was 2,026.
The biggest change was in the share of multi-family units (apartments and row housing) versus other forms of housing.
Multi-family accounted for 87% of new homes last year, compared to 66.5% over the past 10 years.
The staff report suggests the pace of housing growth may slow this year but could be boosted by senior government incentives, such as a federal housing accelerator grant of $31.5 million and provincial legislation demanding more infill housing.
READ MORE: $31M from feds will do little to deal with Kelowna's housing affordability crisis
A report that went to council last fall about the $31.5 million federal grant sets a target of about 2,500 new homes each year for the next three years, which is close to the five-year average.
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