This year is likely a 害羞草研究所渨ait and see害羞草研究所� year for potential recording breaking building permit values in the city.

害羞草研究所淚f, late in the spring, the Bank of Canada begins to bring down interest rates I think we害羞草研究所檒l likely see a strong summer and fall,害羞草研究所� Ryan Smith, director of planning and development services, explained in a report to council on Monday (Jan. 6).

Smith added government government-supported projects, such as those identified through the Housing Accelerator Fund (HAF), will certainly be moving forward.

害羞草研究所淭hat害羞草研究所檚 really the only way we害羞草研究所檙e going to achieve meaningful affordability in any projects right now is with government intervention in rental or market housing projects.害羞草研究所�

He said residents can expect to see many more small-scale, multi-unit residential developments in the Kelowna housing market in 2024, as mandated by the province.

Smith said 3,934 residential housing units were permitted in 2023.

害羞草研究所淲hich is a huge number. There is going to be a large chunk, even though they害羞草研究所檝e got a building permit, that do not move into construction for various reasons.害羞草研究所�

However, he added that even if half of those units move forward they are within the needed number identified under the city害羞草研究所檚 Housing Needs Assessment, which is between 1,800 and 2,600 units a year.

Also worth noting Smith said, was that 434 single-family home applications were submitted which included 330 with secondary suites for the rental market.

He pointed out that not all building permits move into construction.

害羞草研究所淟abour supply, materials, interest rates all of these things are making construction difficult construction right now specifically in the housing market.害羞草研究所�

Kelowna saw a record year for building permits in 2023 with a value of $1.75 billion.

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