So far, so good for development and real estate activity in Vernon.
Economic development manager John Perrott delivered the first-quarter stats of 2023 to city council Monday, May 8.
“Despite some macro-economic headwind concerns that emerged at the end of the third quarter and into the fourth quarter of 2022 regarding potential impacts on development and real estate activity, the first quarter of 2023 was much stronger than expected,” said Perrott.
Building permit volumes stayed consistent with the first quarter of 2022, and building permit values exceeded $80 million, nearly 40 per cent of 2022’s record-setting total annual value of $202 million.
“This quarter’s record was driven by a significant $40 million multi-family project,” said Perrott.
A total of 159 residential units were approved for construction, and Perrott said it’s likely most of those units, save for large, multi-family projects, will likely be completed and occupied within the next six-to-14 months.
There were two straight months of growth in real estate volume following five months of declining sales.
“Application and permit processing timelines are continuing to be typically completed within the expected timelines,” said Perrott, adding the majority of development activity as per the permits is within the city core, south East Hill, and Middleton Mountain.