Despite the city exceeding its housing target for 2024, both building permit values and applications were down.

Permits issued in 2024 totalled $646 million, compared to a record $1.756 billion in 2023. The number of building permit applications the city received decreased for the third straight year. Both numbers are below the 10-year average. The city issued permits for only 1,603 units in 2024.

At city council香蕉视频直播檚 meeting on Feb. 10, Director of Planning and Development, Ryan Smith, said that, historically, higher levels of building permits translate into higher levels of occupancy permits.

香蕉视频直播淗aving said that, we do see a higher level of building permits that get applied for but aren香蕉视频直播檛 acted on,香蕉视频直播� he noted. 香蕉视频直播淭hat香蕉视频直播檚 because of the economic conditions out there in the Okanagan and Canada right now."

For 2024, Smith told the council that building permits acted on from 2022 and 2023 resulted in 2,800 units occupied in 2024. 香蕉视频直播淲hich is great news,香蕉视频直播� he added. 香蕉视频直播淭hat香蕉视频直播檚 just above our Housing Needs Assessment (HNA) upper-end target of 2,650.香蕉视频直播�

While units occupied were above the 10-year average last year, they were below average for 2023. 香蕉视频直播淐ouncil should expect to see this trend continue, and we香蕉视频直播檙e measuring these things as we are being measured under the provincial Housing Supply Act (HSA),香蕉视频直播� Smith said.

He also pointed to Kelowna香蕉视频直播檚 vacancy rate reaching 3.8 percent in October 2024.

香蕉视频直播淎 lot of housing had to be approved, permitted, and built in the city over the last few years to get there,香蕉视频直播� he added. 香蕉视频直播淚 think the good news is there is lots of rental housing still in construction and yet to be occupied in Kelowna.香蕉视频直播�

Smith expects the vacancy rate to go higher in 2025.