CPABC: Thompson-Okanagan housing starts and major project activity strong in 2022, but new building permits down significantly
There were 1,399 detached units that began construction in 2022, which was a decrease of 24.6 per cent compared to 2021.
- There were 1,399 detached units that began construction in 2022, which was a decrease of 24.6 per cent compared to 2021.
- “This high level of major project construction activity supports the region’s economy and employs many residents, creates housing and infrastructure, and provides new services to residents,” noted Christiansen.
- This was primarily due to a significant decline in the value of residential building permits, down by 74.5 per cent over that period.
- “With high interest rates expected to stay and the significant fall in building permits, building construction activity may slow this year,” concluded Christiansen.