The Kelowna area newhome constructionmarket
began 2010 on a positive note. Housing starts
totaled 161 homes in January, up from 17 homes a
year ago, according to Canada Mortgage and
Housing Corporation (CMHC).
“Rental construction boosted January housing
starts,” explained CMHCMarket Analyst Paul Fabri.
Construction began on two rental apartment
projects totaling 111 units. Last year’s fourth
quarter upswing in detached home construction
carried over into 2010. Detached home starts were
more than double the level recorded in January
2009.
“January housing startswere in linewith CMHC’s
2010 forecast,” noted Fabri. “Kelowna area housing
starts, led by the detached home and rental
apartment sectors, are expected to move higher in
2010,” he added.
Affordability continues to drive themarket shown
by the increase in sales of single family units. Up
122% over last year with 122 residential properties
selling in January 2010 over 2009 January figures of
55. Condo sales are also showing an upswing with
49 selling last month over 2009’s January total of
28, an increase of 75%. Townhouses jumped 92%
with January 2010 sales of 25 over 13 during the
same month a year ago. While the numbers are up
over last year, condos and townhomes are down
slightly over December figures while single family
residential showed an increase.
Dec. 09 Jan. 10 +/-__
Single family 190 122 +12%
Condo 56 49 - 12%
Townhouse 30 25 - 17%
The median price for a single family home in the
Central Okanagan for January 2010 was $441,500 over
December’s figure of $438,500 and November’s median
of $420,000 likely impacted by the fact that there ismore
activity in themillion dollar plusmarket.
Single family listings rose substantially in January - up
129% over December (412/180 respectively) and
inventory ended the month at 1151 homes on the market
(9.43 months of inventory). Consumption rate for
condos is just over 18months of inventory (922 properties
on the market) and townhouses slightly over 15 months
(384 active listings).
Lots are beginning to showan increasewith 13 sales
recorded in January 2010 indicating some movement in
that segment of themarket.