CMHC produces quarterly housing market outlooks for major cities in Canada. Here’s a look at some of the highlights from the outlook for Kelowna British Columbia – Housing Market Outlook Fall 2013.
Single Detached Homes
Competition from a well supplied resale market will remain a factor tempering growth in demand for new homes this year and next. New single-detached home prices are expected to begin edging higher in 2014, with inflation pushing up building materials and land costs. Sales of new single-detached homes priced below $500,000 were up slightly compared to the same nine month period in 2012 with homes in this price category becoming more widely available throughout the Kelowna area. Growth in sales of modestly-priced homes reflects builders’ efforts to compete with the resale home market.
Demand for new and existing homes is expected to increase in 2014. Higher employment growth coupled with low mortgage interest rates will support increased demand for housing in Kelowna.
Multi Family Homes
Kelowna’s multiple-family sector will record higher levels of starts in 2014. Apartment condominium starts have been slower to rebound than lower density multiple-family starts, with construction forecast to begin on only one larger project in 2013. Reduced demand for second residences, resort homes and other types of investor-oriented condominiums in combination with elevated inventories have led to lower levels of condominium starts during the past several years.
Condominium construction is forecast to increase in 2014 as demand improves and the supply of resale homes listed for sale and the inventory of new completed and unabsorbed condominiums move lower.
Kelowna Housing Outlook
Here is a copy of the housing market outlook for Kelowna. Check out Page 7 where there is some great information.
KelownaCMHCHousingOutlookFall2013
Are you looking at purchasing property in Kelowna? Give me a call as I would be happy to assist.
April Dunn is a Mortgage Broker who has been assisting clients to purchase, refinance or renew their mortgages for over 20 years. April is the owner and the Lead Mortgage Planner of The Red Door Mortgage Group – Mortgage Architects. April and her team provide a full range of residential and commercial mortgage financing for clients all over the province of British Columbia and the rest of Canada through the Mortgage Architects Professional Broker Network. April can be reached at 250-826-3543 or april.dunn@mtgarc.ca