After a record year in 2023, building permit values across Kelowna were down in 2024. 

At the City of Kelowna's upcoming council meeting on Monday, Feb. 10, the Planning, Climate Action, and Development Services department will be going over the statistics for last year.

Throughout the year, numbers declined, according to the report. Despite exceeding the housing target for 2024, both building permit value and applications were down. 

After building permits issued hit a record $1.756 billion in 2023, permits issued in 2024 totalled just $646 million.

Additionally, the number of building permit applications the city received decreased for the third straight year. The city issued building permits for only 1603 units in 2024. 

Both numbers are below the 10-year average.

"This is likely an early indicator that occupancies in 2026 and 2027 will be down," reads the report. 

"Kelowna91ÂãÁÄÊÓƵ™s Housing Needs Assessment identifies a need of approximately 1870 91ÂãÁÄÊÓƵ“ 2650 new homes/year," the report continues. "Because construction occurs on a variety of timelines depending on building type; 2024 permit volumes may pose challenges in 2026 and possibly 2027."

On Nov. 27, 2023, the city received $31.5 million through the federal Housing Accelerator Fund (HAF) and identified seven initiatives, which are segmented into tasks.

To meet the goals of the HAF, the city's target is to issue 7,430 residential unit building permits by 2026. As of Oct. 31, 2024, in terms of building permit issuance, the level of residential units issued building permits is below the on-average level that would be adequate for the city to achieve its HAF targets (156 per month vs. 210 per month).