Construction still booming — and about to get better
One of the biggest-ticket construction projects in the works should be on the city books by October.
Chief building inspector Kundan Bubbar said the city expects building permits for the multi-million-dollar Telus data centre to go out some time this month.
The approximately $35-million project alone would push the city’s permit value for the year into the $150- to $170-million range — the forecast for construction values in 2012.
August marks the first time since March construction values for the month were lower than they were during the same month in 2011, with $16.6 million in permits going out compared to more than $28 million last year.
While the number of permits issued for single-family homes is almost the same year-to-year, construction value fell to $2.7 million from $3.4 million.
“People are being more careful with what they are building,” said Bubbar.
“They don’t want to overprice the house for selling.”
Overall, residential value was down from $7.6 million last year to just over $4 million for 2012.
As usual for 2012, the two highest-value projects to get permits this month were commercial developments: A $6.5-million store renovation on Columbia Street and a $2.7-million industrial building on Peerless Way.
But, at just over $10 million commercial numbers were also below 2011, when construction value was nearly $19 million.
Bubbar said the city is on track to meet its value projections for the year, however, and is also hoping to reach its forecast for the number of dwelling units added to the city stock this year.
The city has projected it will give out permits for 300 units. So far, it’s at 263.