CPABC: Multi-unit housing starts reach a record high in Kelowna in 2024

/EIN News/ -- KELOWNA, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) -- According to BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, there were 5,018 housing starts in the Thompson-Okanagan in 2024.

“We saw a significant rebound in housing construction over the past year,” said Karen Christiansen, FCPA, FCA. “Condos and apartments accounted for a much larger share of new housing compared to last year, particularly in Kelowna.”

The increase in new housing construction came entirely from gains in higher-density housing such as condos and apartments. Construction began on 4,254 attached units in 2024, up 39.5 per cent compared to 2023. In the detached market, starts fell 29.5 per cent to 764 units. Attached starts made up 84.8 per cent of starts, up from 73.8 per cent in 2023.

In Kelowna, housing starts increased by 27.6 per cent year-over-year to 3,790, and nearly 90 per cent were attached units. As a result, the city is on track to meet its obligations under the Housing Accelerator Fund, a federal grant that will contribute up to $31.5 billion to help increase the city’s housing supply.

“It’s encouraging that the region made progress on increasing the housing supply, despite a slowing economy,” noted Christiansen. “Major project activity also held steady in 2024.”

The value of major projects in the Thompson-Okanagan was $17.8 billion in Q3 2024, virtually unchanged from one year earlier. Projects currently under construction made up 60.0 per cent of the total, the highest proportion among B.C.’s economic regions. During the year, eight projects valued at $1.37 billion were completed.

“Attracting investment to the region and increasing our productive capacity will be critical for the region in the years ahead,” concluded Christiansen. “It will be even more crucial considering the uncertainty surrounding Canada’s trading relationship with the U.S. We may not be the most affected region in the country, but trade action will still have an impact, particularly in targeted industries.”

According to a February 2025 report from the Canadian Chamber of Commerce, Kelowna and Kamloops were among the Canadian cities least exposed to U.S. tariffs. They ranked 28^th and 40^th, respectively, out of Canada’s 41 largest cities in terms of vulnerability to U.S. trade disruptions.

To learn more, see www.bccheckup.com.

For more information:
Jack Blackwell, Economist
604.259.1143
news@bccpa.ca

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About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.