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Thompson-Okanagan Housing Begins, Major Project Investment to Drive Economic Recovery, Canadian Business Journal

Vancouver, British Columbia, March 10, 2022 (GLOBE NEWSWIRE) —According to BC Checkup: InvestmentAccording to an annual report on investment trends across the state by a British Columbia Certified Professional Accountant (CPABC), 4,898 residential units began construction in 2021 in Thompson-Okanagan, 50.3 compared to 2020. % Increased.

“Over the past few years, Thompson-Okanagan has attracted many new residents, which has boosted housing demand and prices. Developers are aware of this investment opportunity and the number of housing units launched in 2021. Almost broke previous records, “said Karen Christiansen, FCPA, and FCA, partners of Kelowna’s MNP LLP.

Approximately 4,900 homes launched across the region in 2021 far exceeded 3,259 in 2020 and 3,996 in 2019, but only a few previous records of 5,070 in 2018. It is below. , Condominiums and apartments.

The number of detached units started in 2021 was 1,855, an increase of 65.8% compared to 2020. In addition, 62.1% of all units launched in 2021 were connected, and 3,043 connected units were launched an increase of 42.2%. Until 2020.

“Housing construction in the region provides significant economic activity and supports an affordable and essential housing supply,” continued Christiansen. “In addition, the region continues to have strong major project activities, primarily in housing, infrastructure and recreation projects.”

Inventory for major projects in the third quarter of 2021 was $ 18.9 billion, down 2.6% from the third quarter of 2020. This decline is primarily due to the completion of several major projects such as Lakestone Resort ($ 1 billion) and SEKID / SOMID water supply. Project ($ 86 million), and Bernard Black Condo ($ 60 million). The biggest new proposal was a four-lane highway 1 project at an estimated $ 243 million.

In the third quarter of 2021, $ 12 billion worth of projects were under construction across the region, accounting for 63.2 percent of the total estimated major Thompson-Okanagan projects. The three largest projects recently under construction are Highway 1 – Salmon Arm West ($ 155 million), Hiawatha Park Revitalization ($ 150 million), and Highway 1 Quartz Creek Bridge ($ 121 million). was.

“By the end of last year, the proportion of major projects under construction in Thompson-Okanagan was higher than in any other part of the state. This investment activity helped our economy through the COVID-19 pandemic. , Should help our recovery, “concluded Christiansen. “It is important to continue to attract investment to connect communities, increase productivity and increase housing and services available to residents.”

See for more information. www.bccheckup.com..

About CPA British Columbia
British Columbia Certified Accountants (CPABC) is a training, governance, and regulatory body for over 38,000 CPA members and 6,000 CPA students. CPABC fulfills its primary mission of protecting its people by implementing the highest professional and ethical standards and contributing to the advancement of public policy. CPA is internationally recognized for bringing superior financial expertise, strategic thinking, business insights, and leadership to the organization.


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Thompson-Okanagan Housing Begins, Major Project Investment to Drive Economic Recovery, Canadian Business Journal

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