Penticton's building boom of multi-family units continued in May

Image Credit: Shutterstock

PENTICTON - Penticton continues to see a building boom as the South Okanagan real estate market settles into average territory, with the latest figures showing a static May compared to the same month a year ago.

In Penticton, building and permitting manager Ken Kunka says construction remains strong for multi-family and commercial construction.

Although the number of building permits issued are down to 74 compared to 95 issued last year, 107 residential units were built at a value of $36,725,023 in May compared to 85 units at a value of $24,966,026 in May, 2018.

Kunka says permits for low density residential units are down by 50 per cent for new, single family starts, possibly due to the slowdown on the coast as well as some oversupply and construction costs.

He says what the city is seeing is typical of the overall development and construction phase, which follows a seven year cycle.

Residential renovation projects are on the rise in the city as well.

Building permit statistics for the Regional District of Okanagan Similkameen are not yet available for May.

Residential home sales in the South Okanagan as a whole, however, remained flat compared to a year ago, according to the latest information from the South Okanagan Real Estate Board.

South Okanagan Real Estate Board president Dori Lionello said the average price of a South Okanagan home last month was $453,623, little changed from $454,912 in May of 2018.

The number of homes sold last month was unchanged from the same month last year with 206 units sold.

However, year to date home sales were off 22.9 per cent at 684 units, compared to the 884 units sold by this time last year.


To contact a reporter for this story, email Steve Arstad or call 250-488-3065 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.


Ray Dhaliwal is a locksmith and lifelong dog lover.
Kamloops locksmith will free dogs trapped in hot cars, at no cost
If you see a dog trapped in a hot car in Kamloops, don't break the window — just call locksmith Ray Dhaliwal. Dhaliwal is the owner of Ray's Lock & Key and a lifelong dog lover. He is offering to unlock any car door in tow
Beautiful B.C. Sockeye salmon.
Support B.C. Restaurants During the 4th Wild Salmon Celebration
The Chefs’ Table Society of BC (CTS) and the BC Salmon Marketing Council (BCSMC) are coming together Friday, Aug. 21 to Sunday, Aug. 23 for a celebration of the iconic B.C. product: wild salmon. Typically a one-day Vancouver-based event

Top News