CPABC: Kootenay housing starts and major project activity decline in 2024

/EIN News/ -- CRANBROOK, British Columbia, May 12, 2025 (GLOBE NEWSWIRE) -- According to BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, the value of major projects in Kootenays was just over $5.0 billion in Q3 2024, down 2.4 per cent from one year earlier.

“Major project activity in the Kootenays was light in 2024,” said Mike Calder, CPA, CA, partner at MNP Canada. “Although five projects were completed, there aren’t any substantial resource projects underway that will boost our industrial capacity.”

As of the third quarter of 2024, a total of 16 projects were under construction, worth an estimated $2.4 billion. Approximately three-quarters of that value was dedicated to residential or resort and accommodation developments. Utilities projects accounted for most of the remaining value. Since Q3 2023, five projects totaling $199 million in value have been completed in the Kootenay region.

Meanwhile, new housing construction in the Kootenays’ largest markets fell sharply in 2024. There were a combined 109 housing starts in Cranbrook, Nelson, and Trail, down 62.7 per cent from the 292 recorded in 2023.

“It was a slow year for new housing construction across the region,” continued Calder. “Nelson’s multi-unit market experienced a significant drop, while starts in Cranbrook only managed to match the relatively low numbers from last year.”

Of the total, 76 housing starts were in Cranbrook, nearly all of which were detached homes. In Nelson, construction began on 28 new units, down from the 179 units recorded in 2023. Trail accounted for the remaining five starts in the region. Nearly 9 in 10 (89.9 per cent) starts were detached or semi-detached units, reflecting a considerable slowdown in new multi-unit construction.

“Overall, we didn’t see a lot of new investment come to the Kootenays in 2024, and the ongoing trade dispute with the United States is not helping improve prospects,” concluded Calder. “Some industries will be affected more than others, but there is a general concern around how easily businesses can pivot and what the impact on workers will be.”

To learn more, see www.bccheckup.com.

About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.

For more information:
                    Jack Blackwell, Economist
                    604.259.1143
                    news@bccpa.ca