Housing construction in Penticton make strong growth

from Penticton Chamber Business Review Inaugural 2022

Penticton Chamber of Commerce marks 115 years of serving the community

Housing construction makes strong growth

Construction of new residential homes in Penticton is on track to beat the previous two years in terms of total value, topping $130 million by the end of June 2022, with six months remaining. In comparison, total construction value in 2021 reached just over $168 million, approaching the all-time highs of nearly $198 million in 2016 and 2017.

While housing supply continues to be a major factor facing our community, it’s important to understand the work that has been undertaken to increase the existing housing stock. Current developments underway include everything from rental housing and condo units to single-family homes. The approximate existing and future house numbers include:

• 520 residential units under construction

• 1,060 residential units approved

• 650 units in the development application process

Of the housing stock approved since 2014, single-family dwellings make up 20 per cent and multi-unit dwellings make up 80 per cent. A total of 3,142 housing units have been approved since 2014. In addition, the total number of active licensed vacation rentals as of June 30, 2022 has reached 339, and business licences have been steadily growing yearto-year and is currently at 3,579.