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

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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.

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