The City of Kelowna won91裸聊视频檛 break a record for building permit values in 2024.
The final dollar figure is expected to be about half of 202391裸聊视频檚 record-breaking $1.75 billion.
91裸聊视频淧robably between $600 and $800 million,91裸聊视频� 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.
91裸聊视频淚 wouldn91裸聊视频檛 say this is a crisis time. The real estate market is cyclic, we expected this cycle to happen and it will probably continue91裸聊视频nto next spring.91裸聊视频�
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.
91裸聊视频淭his is entirely consistent with the objectives of the Official Community Plan (OCP).91裸聊视频�
Smith told council there is plenty of rental housing coming into the market and there are signs Kelowna91裸聊视频檚 historically low vacancy rate may be easing.
91裸聊视频淵ou can drive around certain areas and start to see for rent signs, the home made ones, which I don91裸聊视频檛 remember seeing the last five years at all.91裸聊视频�
Smith added there has only been one occasion in the last 20 years when Kelowna91裸聊视频檚 vacancy rate was above three per cent.
91裸聊视频淲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.91裸聊视频�
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.
91裸聊视频淏ecause we91裸聊视频檙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.91裸聊视频�
