Vernon is booming.
Figures from the City of Vernon indicate that between 2014 and 2016, building permits were up 35 per cent, new residential units climbed 72 per cent and the population grew by five per cent.
“We’re firing on all cylinders,” said Coun. Brian Quiring, who is happy to see the city’s population at more than 40,000.
“It’s a good thing for the community. We’re growing because it’s a great place to live and we have good services.”
In terms of downtown Vernon, $25 million in building permits were issued by the city between 2014 and 2016, while 100 new businesses opened in the downtown core.
So far in 2017, total building permits for Vernon are at $68.3 million, with $38.4 million of that being for single-family residential units.
The hot spots for construction are Predator Ridge, the Foothills, parts of Okanagan Landing and South Vernon.
“A lot of it is spread throughout the community,” said Kevin Poole, economic development manager.
“There are a lot of construction crews out.”
Among the largest housing projects underway is the BX Crossing on the old Kal Tire office site on 48th Avenue. The building permit was worth $12 million.
Seven hundred applications were received for the 186 units.
“It really shows the low vacancy rate in Vernon. There’s a lot of demand,” said Poole.
A number of other residential developments are also planned, while there could be two new hotels on Anderson Way — a Four Points Sheraton and a Best Western Premier.
In terms of real estate, sales volume between January and June reached $531 million.
Single-residential unit sales have dropped slightly but the average price has gone from $421,000 to $463,000 in a year.