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Kelowna Real Estate Market (January 2012)

January 2012 Housing Starts in Kelowna and Southern Interior

KELOWNA - February 8, 2012 - Canada Mortgage and Housing Corporation (CMHC) reports 49 Kelowna area housing starts in January 2012 compared to 33 homes the same month in 2011. Both detached home and multi-family starts were up from a year ago.

Single detached homes remained the focus of new home construction in January. "Lower construction costs and lot prices have enabled builders to better compete with the existing home market and attract price sensitive buyers," explained CMHC Market Analyst Paul Fabri. Multi-family starts in January included semi-detached units and townhouses. "Builders continue to favour smaller housing projects rather than larger apartment condominium projects," noted Fabri. This type of project is more easily released to the market in phases.

Vernon housing starts also moved higher compared to January 2011 levels. Both Kamloops and Penticton recorded fewer housing starts in January 2012 than in the previous year.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

Source: Canada Mortgage and Housing Corporation

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