Kamloops Real Estate New-Home Starts Increase in October 2010

This article appeared in the New Home Buyers Guide included in the Kamloops this Week dated November 24, 2010.

The construction industry in Kamloops continues to roll along as the number of new-home starts for the month of October outpaced the total in the same month last year.

According to new figures from the Canadian Mortgage and Housing Corporation, there were 23 housing starts in the Tournament Capital last month, compared to 18 in October 2009. The 28 per cent increase in starts eclipsed other cities in the region, including Kelowna and Vernon, which saw a 25 and 67 per cen decrease respectively.

That brings the total number of single-family housing starts in Kamloops in 2010 to 314, up from 134  the previous year, which is a significant increase. Once again, those numbers are the highest in the region, as other Interior cities are experiencing increases of between 50 and 75 per cent in single-family housing starts.

However, the city is slightly off last year’s pace for multi-unit construction starts. With two months left in the year, there has been 209 multi-unit starts in the Tournament Capital, down from 217 the previous year.

Overall, the number of total units built in Kamloops this year is up, to 523 from 351 in 2009.