The City of Kelowna wonsa国际传媒檛 break a record for building permit values in 2024.
The final dollar figure is expected to be about half of 2023sa国际传媒檚 record-breaking $1.75 billion.
sa国际传媒淧robably between $600 and $800 million,sa国际传媒� Ryan Smith, divisional director of planning and development services, told council at its Sept. 23 meeting.
Smith also said that development application volumes for 2024 are between the five and 10-year average.
sa国际传媒淚 wouldnsa国际传媒檛 say this is a crisis time. The real estate market is cyclic, we expected this cycle to happen and it will probably continuesa国际传媒nto next spring.sa国际传媒�
He said that many large-scale projects, permitted between 2020 and 2023, are currently under construction. Approximately 80 per cent of new residential growth is going to urban areas of the city, and about 19 per cent to suburban areas.
sa国际传媒淭his is entirely consistent with the objectives of the Official Community Plan (OCP).sa国际传媒�
Smith told council there is plenty of rental housing coming into the market and there are signs Kelownasa国际传媒檚 historically low vacancy rate may be easing.
sa国际传媒淵ou can drive around certain areas and start to see for rent signs, the home made ones, which I donsa国际传媒檛 remember seeing the last five years at all.sa国际传媒�
Smith added there has only been one occasion in the last 20 years when Kelownasa国际传媒檚 vacancy rate was above three per cent.
sa国际传媒淲ith the volume of rental housing nearing completion if there was going to be a time where we might tip over that it would be in the next 24 months.sa国际传媒�
However, he added there are fewer large-sized developments pulling building permits, and while rental housing targets may be met this year and next, years beyond that could be challenging in terms of housing supply coming into the market.
sa国际传媒淏ecause wesa国际传媒檙e not seeing those developments go into the building permit and construction process now. While building permitting value related to new housing has slowed substantially, we think by this time in 2025 that will be on the uptick again.sa国际传媒�
