Vernon apartment starts up in June

Vernon apartment starts up in June

Canada Morgage Housing Corporation released the June 2018 stats on July 10.

  • Jul. 10, 2018 12:00 a.m.

Canada Mortgage Housing Corporation officially released the June 2018 Housing Starts data on Tuesday.

It was another busy month for apartment starts in both Kamloops and Vernon as both cities are well ahead of 2017’s pace for new housing construction.

There were 42 housing starts this June in comparison to last June’s 32. Vernon also has 426 housing units — of all dwelling types — under construction.

Related: Kelowna region new-home starts booming

Related: Vernon housing starts slow

Related: North Okanagan home sales spike in May

The trend in housing starts nationwide was 222,041 units in June 2018, compared to 216,701 units in May, according to Canada Mortgage and Housing Corporation. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.

“The national trend in housing starts increased in June, reflecting a jump in the SAAR of multi-unit dwellings in urban centres in June to a historical high,” said Bob Dugan, CMHC’s chief economist. “Notably, the national inventory of newly completed and unabsorbed multi-unit dwellings has remained below its 10-year historical average so far in 2018, indicating that demand for this type of unit has absorbed increased supply.”

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