229720
225777
Kelowna  

Kelowna is in the midst of one of its biggest construction booms in years

Kelowna's housing boom

The development industry seems to believe the current housing market in Kelowna will continue well into this decade.

While homes are being purchased at near record levels for record amounts, construction of new housing is also hitting historic levels.

Levels that are both a bit surprising and, at the same time not so surprising to planning manager Ryan Smith.

"I think we're surprised at how much because there is quite a bit going on, but we also see Kelowna as one of the more desirable places in Canada to live for medium sized cities, so we shouldn't be too surprised we are seeing this kind of sustained pressure," said Smith.

A report for Monday's council meeting outlining building and development numbers for the first quarter of the year show figures, some of which are on pace to reach, or shatter numbers from the building boom of the mid 2000s and the boom from 2016 to 2019.

Some of the factors, Smith states in the report include an increased demand for housing, low interest rates and work from home mobility due to COVID-19.

There was also a push by the development sector to secure building permits during the first five weeks of 2021 to avoid additional parks DDCs which came into effect in early February.

About $400 million of the more than $500 million in building permit value over the first quarter of the year came during those first five weeks.

However, the more than half-a-billion dollars in building permit value during the first four months eclipses the building permit value for all of last year, as well as each year from 2010 through 2015.

The city had already issued 772 permits through the end of March, putting it on pace to eclipse the previous high of nearly 2,700 permits.

Housing applications are far exceeding those of both the five and 10 year averages.

Permit applications were made for nearly 1,800 units, compared with the five year average of 388 and the 10 year average of 265.

The largest jump was in multi-family permits with 1,203.

"I think it's partly a rebound with parts of last year having less development activity because of COVID uncertainty," said Smith.

"Working from home and the ability of doing that long-term, people are choosing to relocate to where they really want to be. I think there is more retirement going on now, and boomers who talked about moving here are executing on that now."



More Kelowna News

225429
229862
RECENT STORIES
Castanet Classifieds

228841


232645


228921
218881


Kamloops SPCA Featured Pet

Astro
Astro Kamloops SPCA >




233858


Recent Trending
Castanet Proud Member of RTNDA Canada
231338