New housing construction in Trail dropped to near zero in 2024, part of a wider slowdown across the Kootenays, according to the Chartered Professional Accountants of British Columbia (CPABC).
In its annual BC Check-Up: Invest report, CPABC reported that only five housing starts were recorded in Trail last year.
Across Trail, Nelson, and Cranbrook, there were a total of 109 housing starts, down 62.7 per cent from the 292 recorded in 2023.
In Nelson, CPABC reported that construction began on just 28 new homes, a sharp drop from the 179 units started in 2023.
In Cranbrook, CPABC found that 76 new homes were started, nearly all of them detached.
According to the report, 89.9 per cent of all housing starts across the three communities were detached or semi-detached units, indicating a significant pullback in multi-unit residential development.
CPABC also highlighted a broader slowdown in investment across the region.
As of the third quarter of 2024, the total value of major projects in the Kootenays was reported at just over $5 billion, down 2.4 per cent from one year earlier.
“Major project activity in the Kootenays was light in 2024,” said Mike Calder, CPA, CA, and partner at MNP Canada, in the CPABC release.
“Although five projects were completed, there aren’t any substantial resource projects underway that will boost our industrial capacity.”
CPABC stated that 16 major projects were under construction as of the third quarter of 2024 (July to September), with a combined estimated value of $2.4 billion.
Approximately three-quarters of that investment was allocated to residential, resort, or accommodation developments, while most of the remaining value came from utilities projects.
The CPABC report also noted that five major projects, worth a total of $199 million, were completed in the region over the past year.
“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,” Calder added.
“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.”
BC Check-Up: Invest is an annual publication from the Chartered Professional Accountants of British Columbia. The report tracks investment trends across the province, including major project activity, housing construction, and regional economic indicators. The 2024 edition includes data current as of the third quarter.
