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Less single-family homes, more multi-family units in Central Okanagan

There was a 20 per cent drop in single-family home starts 2024 over 2023
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Multi-family housing starts were up 36 per cent in 麻豆精选 and area, with 2,517 in 2023 compared to 3,429 last year. Wolf Depner/Black Press Media file

There was a 20 per cent drop in single-family housing starts in the 麻豆精选 Central Metropolitan Area (CMA) in 2024 compared to 2023.

A Canadian Mortgage and Housing Corporation (CMHC) report shows there were 453 starts in 2023 and 361 in 2024. Semi-detatched, row and apartment/condo starts were up 36 per cent, with 2,517 in 2023 compared to 3,429 last year.

In B.C., there was also a 20 per cent drop in single-family housing starts in 2024 over 2023. There was an eight per cent fall in multi-family unit construction.

Nationally, 2024 housing starts were up two per cent in centres of 10,000 population and over, with 227,697 units recorded, compared to 223,513 in 2023.

鈥淐anada鈥檚 urban centres saw an uptick in housing starts in 2024 compared to last year, marking the third-highest year on record.鈥 said Mathieu Laberge, CMHC鈥檚 chief economist. 鈥淲hile this annual increase shows some signs of progress, Canada still needs significantly higher supply growth to restore affordability in urban centres.

Last spring, the CHMC estimated Canada could build up to 400,000 new housing units annually.



About the Author: Gary Barnes

Journalist and broadcaster for three decades.
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