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.
Current developments underway include everything from rental housing and condo units to single-family homes. This graphic plots the new developments proposed, approved or currently under construction.
Projects in the Works
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.
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 year-to-year, currently at 3,579.
- For more information about building or economic development within the City of Penticton, visit our Business and Building page.
- For more details about starting up a business or relocating to Penticton, visit StartHerePenticton.com.
- For local market intelligence and industry data, view our Penticton Business Toolkit.