Strong Growth in 2016
Vernon experienced strong growth in 2016, with over one-thousand permits issued.
At its Regular Meeting on February 6, Council received a report from staff on 2016 development activity that indicated Vernon experienced strong growth over the course of the year. During 2016, 1,007 permits were issued, which is a 14.3 per cent increase in construction activity over 2015 and 150 per cent increase since 2013.
Some notable Vernon projects include the Hamlets ($20 million), Parkwood Retirement Residence ($18 million) and BX Crossing Apartments ($12 Million).
“The level of development activity in the City speaks to the attractiveness of the area as well as the commitment the City has to working in partnership with developers and builders in the community,” said Kim Flick, Director of Community Infrastructure and Development Services
Infrastructure investment in 2016 was $11.9 million and over $13 million will be spent in 2017 on key projects. Some major projects planned for 2017 include 30 Street reconstruction in the downtown core, Kalamalka Lake Road upgrade (including a multi-use trail) and sanitary sewer upgrades in Okanagan Landing.
Strong activity in the development industry benefits the community at large. Development creates direct construction jobs and generates substantial spin-off benefits for local businesses. Revenue generated by development also supports Council’s commitment to infrastructure upgrades for the community.
“Looking forward, Administration anticipates that 2017 will be another busy year for the development and construction industries,” said Flick. “Currently there are several large projects in for review and approval.
Real Estate sales last month were pretty typical for January, with 353 homes sold, up 5.6% from a year ago. The Okanagan Mainline Real Estate board says the inventory of properties for sale is 30% lower than this time last year. The average price in the region last month was $439,472.99, 21% higher than this time last year.