Housing starts in Kelowna in March showed a mixed bag, with a significant decrease in single-detached homes but a sharp increase in other types of units. Single-detached homes were down 79% compared to the previous year, with only 16 units built in March 2024. On the other hand, the category of “all others”, which includes multi-housing units, saw an 83% spike with 379 units constructed compared to 207 in March 2023. This trend reflects the shifting preferences in housing styles and the increased demand for multi-unit housing.
Nationwide, the Canada Mortgage and Housing Corporation reported a decrease in housing starts in March 2024, with 242,195 units started, down 7% from February 2024. However, when looking at urban centres with a population of 10,000 or more, there was a 16% increase in housing starts compared to the previous year. This growth was driven by a 19% increase in multi-unit starts and a 2% increase in single-detached starts. This data suggests a shifting trend towards higher demand for multi-unit housing in urban areas across Canada.
The construction of single-detached homes in Kelowna has seen a significant decline, while multi-unit housing construction has been on the rise in the past two years. This reflects the changing preferences and needs of homebuyers in the area, with a growing demand for denser housing options. The increase in multi-unit starts nationwide also indicates a similar trend occurring in urban centres across Canada, with a higher demand for multi-unit housing compared to traditional single-detached homes.
The Canada Mortgage and Housing Corporation’s data shows a decrease in nationwide housing starts in March 2024, following a trend of fluctuation in the housing market. However, the increase in housing starts in urban centres points to a positive growth in the construction sector, driven by the demand for multi-unit housing. This shift in housing preferences reflects changing demographics, lifestyles, and affordability concerns that are shaping the real estate market in Canada.
Overall, the housing market in Kelowna and across Canada is experiencing a shift in the types of units being constructed, with a decrease in single-detached homes and an increase in multi-unit housing starts. This change reflects the evolving needs and preferences of homebuyers, as well as economic and demographic factors influencing the real estate market. The data from the Canada Mortgage and Housing Corporation provides valuable insights into these trends, helping to understand the current state of the housing market and anticipate future developments in the construction sector.
