The financial restoration in Kelowna is underway
Kelowna’s economy is still COVID volatile.
There are signs of economic recovery and consumer and business confidence.
But there is also trepidation and, in some cases, downright decimation with the number of passengers at Kelowna Airport.
The population of the Kelowna metropolitan area was 222,748 at the end of 2020, an annual increase of 2%. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files/images/Kelowna%20skyline% 20 ( from% 20City% 20Park) .jpeg “style =” margin: 5px; “/>
Every three months the Commission publishes its report on nine world-class barometers that measure the health of the economy.
– Building permit values
This is by far the most encouraging indicator, as the Central Okanagan communities granted $ 629 million in building permits in the first three months of the year.
That’s a whopping 251% more than the $ 179 building permits granted in the first quarter of 2020.
It shows that the construction and development industry is on the rise and has confidence that the resulting residential and commercial space will be bought up.
This is a bright spot for Kelowna as the city’s population grew 2% to 222,748 in late 2020.
This growth makes Kelowna the fastest growing community in BC and the fourth fastest in Canada.
The pandemic has actually made Kelowna more attractive as a place to work, live and play.
People are moving from big cities like Vancouver, Calgary, Edmonton and Toronto to smaller cities like Kelowna to work from home and enjoy the lifestyle.
As you’ve already seen in the building permit values and will see in some of the following categories, the lifestyle trend is also contributing to higher home starts, rising house prices and rents, more workers and more job vacancies.
Central Okanagan had 109,433 jobs in the first quarter, up slightly from 108,300 at the same time last year.
The unemployment rate fell from 5.77% to 5.37%.
– job offers
Employers posted 3,623 job vacancies in the first quarter of 2021, up 14.58% over the same three-month period last year.
Within the statistic, there was a 52% increase in job postings for healthcare professionals and an 80% free fall in job postings in the arts, entertainment and leisure sectors.
– Living begins
In the first three months of 2021, construction began on 589 houses of all types (single-family homes, townhouses, apartments and condominiums), an increase of 5.75% compared to the 557 construction starts in the same period of the previous year.
– Business licenses
Despite some business closings due to COVID, there have been enough new company openings to increase the number of business licenses in the Central Okanagan by 4.7%.
In the first quarter, the total was 14,534, compared to 13,882 in the previous year.
– airport passengers
This is by far the hardest hit indicator, as the number of passengers at Kelowna Airport fell to 88,648 in the first quarter of 2021, a dramatic decrease from the 453,289 passengers in the same three months of 2020.
– Median new building price
Now is $ 912,500 in Kelowna, up 6.21% from Q1 2020.
– Average rent
A two-bedroom apartment in the Central Okanagan is now $ 1,368, just under 0.4% more than last year.
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