A new presentation just released by the Central Okanagan Economic Development Commission highlights the significant growth that the Central Okanagan region is experiencing, now British Columbia's fastest growing metropolitan area (CMA).
Along with being the province's fastest growing CMA, the Central Okanagan is also seeing a growing number of young professionals and families, and persons over the age of 65.
From a construction perspective, building permit values have risen 7% from 207 to January-August 2018. Non-residential permits have increased a significant 48%, primarily driven by commercial building permits. While housing starts are down 36.9% year over year, the housing start totals are still greater than those in 2012, 2013, 2014 and 2015. Despite housing starts being down, the median price of a new home has risen 19.7% up to $905,000 from 2017.
From an economics standpoint, household income is also up, a total of 19.5% from 2011-2016. The Central Okanagan also has a higher rate of investment income at 22% locally, compared to BC at 18% and Canada at 16%. The Kelowna CMA also has the 3rd highest rate of home ownership in Canada.
Major economic industries continue to be health care and social assistance, construction, and accommodation & food services, with 88% of business having more than 20 employees.
For more information on the Central Okanagan and economic statistics, CLICK HERE.