Vernon is showing some moderation in housing starts so far this year.
Canada Mortgage and Housing shows 32 starts for June of this year, most of them single detached homes.
It`s similar to June of last year.
Taylor Pardy of CMHC says the single – detached market is growing here both in new homes and resale.
“Vernon saw about a 10 per cent increase on average in the average price of a single detached home last year. So far this year prices are also 10 per cent relative to last year.”
He says construction of multiple unit buildings has slowed a bit this year.
Pardy says part of the increase is due to the growing popularity of the region.
“That’s partially due to the fact that the population is growing in the Vernon area as well. We’re seeing more migration, in particular from the prairies, not only in the North Okanagan but Central Okanagan and South Okanagan as well.”
He says the number of listings are also down.
But the market is stable
“Fairly steady. resales are actually looking like they’re normalizing a bit. But it’s by no means a low level of activity.”
He says we can expect some relative stability and steady price increases this year.