The building permit activity in the Regional District of Nanaimo remains strong and busy as ever.
The first quarter of 2018 showed continued growth in residential construction activity in the RDN’s seven electoral areas. It’s been that way in the last three years, surpassing the provincial average, which manager of building and bylaw services Tom Armett reported is reflective of the strong performing economy in the region.
The growing trend is expected to prevail throughout 2018, based on recent published reports by various financial institutions and the BC Real Estate Association, which has forecasted continued growth within the housing market in this region.
The construction activity in the regional district is mainly in residential developments with a relatively small number of commercial or industrial building permits issued.
In the first quarter of 2018, the RDN processed 195 building permits which is consistent with the number of applications that were received last year at the same time. A total of 166 permits were issued, which represents a 27 per cent increase from the first quarter of 2017 and up 73 per cent from 2016.
The total value of the permits issued for the first three months of 2018 was $27.8 million, a 16 per cent increase over 2017 and a 94 per cent increase in construction value over 2016.
Non-residential building permits represent small number of the overall permits issued but in the first quarter of 2018, the RDN issued 14 non-residential permits valued at $880,000, compared to 11 permits valued at $160,000 in 2017, and four permits valued at $850,000 in 2016.
Among the four electoral areas in District 69, Area H, which encompasses Shaw Hill, Bowser and Deep Bay, had the most building activity with 21 permits being issued in the first quarter of 2018, up 14 from last’s year’s total at the same period, and an increase of 12 from 2016.
Area F, which consist of Coombs, Hilliers and Errington, also experienced an increase in building permit activity with 26 this year from 19 in 2017 and 11 in 2016. Areas E and G registered a small decline, with the former going down 28 this year from 32 last year and the latter 25 from 29.