New home construction in the Kelowna CMA (Census Metro Area) fell 35 per cent year-over-year in September. The decline was the result of a steep drop in multiple unit starts compared to 2012.
This is EXTREMELY POSITIVE news when you consider two key questions:
What is the most overbuilt segment (softest demand,) in the Okanagan?
Multiple Unit Condos.
What is the most UNDERbuilt segment (greatest demand) in the Okanagan?
Single detached starts were 30 per cent higher year over year.
This is a market heading in the right direction.
Info based on BC Real Estate Association
Patrick Murphy 250 486 2529 call or text anytime