The City of Kelowna has blown past its first-year housing target.

In a report that's going to council on Monday, Feb. 10, it states Kelowna has completed 1,501 new units in the first year, surpassing the target of 1,363.

Back on June 25, 2024, the city received a housing order which stated it was to build 8,774 new housing units over a five-year span, with annual progress reports and one interim report. 

Monday's report covers the interim reporting period from July 1 to Dec. 31, 2024.

In the first year, 1,592 units were completed but 91 demolitions were also done, for a total of 1,501.

Of the units completed, 764 are rental units and 737 are owned. Additionally, 644 of them are market value while the other 120 are below market.

Over the last six months, the city issued 31 development permits and 114 building permits. These permits total 2,954 new units. 

"The City of Kelowna has met its Year 1 Housing Target in the first interim reporting period and is on track to nearly double this target," reads the report. "Overall, this is a positive step towards achieving a healthier housing system and complying with the provincial housing targets."

However, the permits issued over the last six months could be a factor in targeting future goals. 

"The number of building permits issued during the reporting period is below the five-year average, which could impact completion numbers in the fourth or fifth year of housing target reporting," stated the report. "Staff will need to continue their efforts to promote housing supply and meet the overall five-year target of 8,774 units."

According to the five-year target, the city needs to have 2,856 units completed by year two, 4,545 by year three, 6,496 by year four, and 8,774 by year five.