Building Permits Third Quarter Statistics for the Comox Valley and Campbell River

November 10, 2022

Year-to-date third quarter Building Permit statistics for 2022 show a continued downward trend in the number of permits issued in the Comox Valley and Campbell River. Compared year-over-year, 886 permits were issued up to the end of September in 2021 and only 675 in 2022.

The number of residential permits has decreased by 26%, while commercial permits have decreased by 18%. At the end of the third quarter in 2021, 1042 permits had been issued for residential units of all types. This year, the total is only 557 units. That is a 47% decrease.

By the end of September 2021, there were 381 single family (SF) permits. This year, the total is 271.  In Comox, the last single family permit was issued in April and there were no SF permits issued in Campbell River in September.

For duplexes to fourplexes, 57 permits for 143 units were issued in 2021 by the end of the third quarter. In 2022, there have been 41 permits with 104 units.

For multi-family (5+ units), in 2021 there were 20 permits for 518 units compared to four permits for 182 units in 2022. Campbell River is leading the way with three of those permits and 142 units. Since several building approved 2021 are still under construction, we may see an increase in units in 2023 when these buildings are completed and existing applications are approved.

For commercial, the total permit values have increased by 128%. However, seven percent of permits (3) are making up 68% ($47M) of the total value. Remove those three permits, and commercial permit values show a decrease of 28%.

The BCREA Housing Monitor Dashboard shows the number real estate sales on Vancouver Island declining and forecasts sales to be below 2019 data within a few months.  Prices have also been declining, with the average price now similar to the same month in 2021.  

Building Links is tracking over 2500 lots and multi-family units at various stages of approvals, and while there are a few single-family projects, we will continue to see more rezoning applications for multi-family developments. Several projects have also switched to phased builds and others are looking for pre-sales before submitting building permit applications.  

A continued shortage of lots, experienced subtrades, and staffing available to process applications have been affecting projects over the last few years. The interest rate increases are now expected to provide the greatest hurdle that the market has experienced in over the last 10 years.

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