The Pacific Province's recently dropped budget may not make homes any more affordable as hoped, according to industry professionals. British Columbia's proposed housing affordability plan, may even have the opposite effect and drive home prices up, says a spokesperson for the province's real estate development industry. Homes worth upwards of $3 million will also be privy to a transfer tax hike of 5 per cent, up from 3, which won't help matters, the spokesperson added.
Real estate builds going through the roof in Kelowna
Construction sites are popping up everywhere in the Kelowna area. The real estate industry in general is pretty healthy in British Columbia, and the Okanagan Valley area is no exception. Canadian Mortgage and Housing Corporation (CMHC) statistics show that Kelowna broke the record with housing starts in 2017 with 3,577 new builds. Single detached homes comprised 923 of those with the rest going to apartments and condominiums, with condos continuing to lead the way.
