Residential construction in Kamloops off to a strong start in 2017 | iNFOnews | Thompson-Okanagan's News Source

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Residential construction in Kamloops off to a strong start in 2017

February 02, 2017 - 4:30 PM

KAMLOOPS - After a slow 2016, the construction sector in Kamloops has started off a little more quickly in 2017 thanks to new homes.

Residential permits were up significantly in January 2017 compared to the last two years. This includes nine new detached homes worth $3.1 million together, compared to just two worth around $620,000 last year, which turned into a slow year for the construction.

The residential sector this January was better than the same month in 2015 as well, which was on average year overall, though January tends to be the slowest month for permits.

Meanwhile, the commercial category has started even slower than last year, which was the lowest year in a decade for the sector. Just over $600,000 worth of permits worth issued, compared to more than $1.6 million last year.

Overall 2017 has started off better than 2016 thanks to the residential permits, with $4.6 million in permits issued in the first 31 days compared to just under $4 million last year.

Currently inventory is low for detached homes, as sales remain high and new inventory is slow to catch up, causing new pressures on real estate agents, according to Kamloops and District Real Estate Association president Katherine Rutherford.

To contact a reporter for this story, email Brendan Kergin or call 250-819-6089 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.

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News from © iNFOnews, 2017

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