Building Links Second Quarter Building Permit Statistics
Your Weekly Construction Briefing
The first half of 2022 Building Permit statistics are showing a downward trend in the number of permits issued between the Comox Valley and Campbell River, from 600 in 2021 to 457 in 2022. The number of residential permits, including renovations, new builds and multi-family have decreased by 30%, while commercial permits have decreased by 17%.
Comparing Building Permit total values show a 10% decrease in residential values and a 450% increase in commercial. Seven per cent (3 permits) of commercial permits make up 83 per cent ($47M) of the total value. The total commercial permits for the first 6 months in 2021 were 47, compared to 39 this year. Of those 39 permits, the 3 largest include a $36 million care home project in Comox and two institutional renovations in Campbell River for $11 million. Eliminating those three permits shows a decrease in commercial values of 13%, which is consistent with a 17% decrease in permits.
The decreases are to be expected due to a continued shortage of available lots, subtrades, supplies, municipal staff available to process the applications, and developer staff and contractors available to respond to alterations.
The Building Permit total includes the Comox Valley to Campbell River. Other communities (Powell River, Port Alberni, etc) are not yet providing building permit values in all areas of construction or consistently enough to provide comparable statistics.
Building Links is currently tracking an estimated $700 million in projects with over 3000 residential units and a mix of large institutional and commercial projects on the Central North Island, West Coast and Powell River.
To stay up to date on new construction and real estate opportunities and local statistics, sign up for the weekly issues at https://www.buildinglinks.ca/subscriptionform. For more information on these statistics, contact Pam Beynonbrown, Building Links Owner and Editor, at email@example.com.
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