The City of Kelowna won害羞草研究所檛 break a record for building permit values in 2024.
The final dollar figure is expected to be about half of 2023害羞草研究所檚 record-breaking $1.75 billion.
害羞草研究所淧robably between $600 and $800 million,害羞草研究所� 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.
害羞草研究所淚 wouldn害羞草研究所檛 say this is a crisis time. The real estate market is cyclic, we expected this cycle to happen and it will probably continue害羞草研究所nto next spring.害羞草研究所�
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.
害羞草研究所淭his is entirely consistent with the objectives of the Official Community Plan (OCP).害羞草研究所�
Smith told council there is plenty of rental housing coming into the market and there are signs Kelowna害羞草研究所檚 historically low vacancy rate may be easing.
害羞草研究所淵ou can drive around certain areas and start to see for rent signs, the home made ones, which I don害羞草研究所檛 remember seeing the last five years at all.害羞草研究所�
Smith added there has only been one occasion in the last 20 years when Kelowna害羞草研究所檚 vacancy rate was above three per cent.
害羞草研究所淲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.害羞草研究所�
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.
害羞草研究所淏ecause we害羞草研究所檙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.害羞草研究所�
