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By Aaron Schulze

Thompson Housing Projects

Housing unit construction drops in Thompson-Okanagan

Feb 19, 2021 | 10:43 AM

KAMLOOPS — The Chartered Professional Accountants of British Columbia (CPABC) said the construction of housing units declined by 13.3 per cent from 2019 to 2020 in the Thompson-Okanagan.

According to the B.C. Check-Up: Invest, an annual investment trend report across B.C., Thompson-Okanagan saw a total of 3,259 housing units begin construction in 2020, down from the 3,758 started in 2019.

“Even though housing starts faltered in 2020, it should be put in the context of the very strong years in residential development experienced in both 2018 and 2019,” Kelowna MNP LLP Partner Karen Christiansen said. “As the regional and provincial economy continue to recover in 2021, the situation is expected to improve. Housing starts should also be buoyed by major project activity and strong real estate demand in the region.”

Thompson-Okanagan saw both detached homes and smaller unit’s slowdown at roughly the same rate.

Elsewhere, the total estimated capital cost of all major projects over $15 million in Thompson-Okanagan stood at $19.4 billion in the third quarter of 2020, down five per cent compared to the third quarter in 2019.

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An estimated capital cost of $13 billion for 55 projects are currently under construction in the region. Currently, there are 39 projects totaling $4.4 billion in forecasted capital cost in the proposal stage totaling $4.4 billion in forecasted capital cost.

Nine proposed projects worth a total of $689 million are expected to come online in late 2020 or 2021, including the RW Bruhn Bridge Replacement at $225 million and the Highway 1 expansion at $260 million.