CMHC Fall 2017 Housing Outlook

November 23, 2017

The Canada Mortgage and Housing Corporation (CMHC) has just released their latest Kelowna Housing Outlook Report for Fall 2017. The report highlights all major happenings in the Greater Kelowna market, with major highlights from this report including:

  • Projected Housing Starts will remain historically very strong in 2018 (2490 to 2920 units) and in 2019 (2280 to 2690 units) 
  • MLS Resale Market is projected to continue its upward trend of pricing increases:‚Äč
    •   2017 2017 2018 2018 2019 2019
      Resale Market (L) (H) (L) (H) (L) (H)
      MLS Sales 5,630 5,980 5,330 6,070 5,040 6,160
      MLS Average Price ($) 526.8K 535.1K 543K 561K 557.6K 584.3K

       

  • Rental Market (Apartments) 
    • Vacancy rate projected to increase to 2.5%  by Fall 2018 but will drop back down to 1.8% in Fall 2019
    • Average 1 BR rent (October) projected to increase from $910 up to $950 (Fall 2018) and $975 (Fall 2019)
    • Average 2 BR rent (October) projected to increase from $1,120 up to $1,160 (Fall 2018) and $1,190 (Fall 2019)
  • Economic Overview of Kelowna CMA
    • Population projected to increase to 204,868 in 2018 and 208,238 in 2019
    • Annual Employment level will increase from 99,500 to 102,000 by Fall 2019

 

To view the full Fall 2017 CMHC Housing Outlook Report, click here.

 




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