Your City Hall wants more housing, but the numbers tell a story
Good morning from the Okanagan — the lake is calm, the vines are growing, and we have things to discuss.
Okay, but here's the thing nobody talks about: Kelowna City Hall just released its Q1 business licence stats, and while everyone is talking about the need for more housing, the numbers for new construction tell a different story. According to the city's own data, new construction licences for residential buildings are down. A lot.
Residential construction is dropping
Here’s the breakdown for Q1 2024 versus Q1 2023:
* **New Residential Buildings:** 23 issued this quarter, down from 35 in Q1 2023. That’s a 34% drop, folks. * **Residential Renovations/Additions:** Also down, from 135 to 118. Not as dramatic, but still a slide.
This isn't about small home renos; this is about the major projects that bring new units online. We talk a lot about the housing crisis here in Kelowna, especially with so many folks moving from Vancouver or Calgary. But if the city wants more homes, these numbers are a real gut punch. It makes you wonder if the policies are actually translating into shovels in the ground.
What does this mean for us? Fewer new homes built in the coming year means continued pressure on rents and home prices. Keep an eye on the next quarterly report to see if this is just a blip or a trend.
Nina Papadimitriou, MiTL Sports Desk, Kelowna.
Got opinions on this? My producer tells me Keith and the team are talking about it right now on mornings.live.