North Bay issued over $200 million in building permits this year so far; breaking own record
Builder Joe Rogers is nothing short of impressed with the rate and speed of housing development in North Bay.
"The last couple of years have been good years have been good years for a lot of people,” Rogers told CTV News.
“Everybody from the building supply stores to the local developers."
Rogers is the general manager of Bay Builders, a construction company. This year alone, the company is on track to build a little over 20 homes. Rogers credits large increases in the used home market.
Since 2019, over a half a billion dollars in building permits have been issued by the city resulting in significant construction activity as it enters the final quarter of the year.
"It instils a lot of confidence that people want to invest in the City of North Bay and I think that's a good thing," said North Bay Mayor Al McDonald, at a Thursday morning press conference.
The City of North Bay has issued more than $200 million in building permits so far this year, surpassing last year’s all-time record of more than $150 million. To date this year, more than $125 million represents institutional construction value, more than $45 million making up residential builds, over $14.5 million for commercial builds and $17 million towards industrial development along with of miscellaneous projects.
"There are still projects that are in the pipeline in the next three months," added McDonald.
“We believe this trend will continue next year given the pent-up demand in our City for residential, commercial and industrial serviced land.”
Residential construction values climbed to $78 million by the end of 2021, with 245 total new dwelling units. So far in 2022, 112 homes have been completed or are still under various stages of construction.
"We're working into 2023 to sign contracts and get it booked up,” said Rogers.
Since McDonald is not running again in this month’s upcoming municipal election, he's instead urging the next mayor and council to pledge to extend the current moratorium on residential development charges that’s in place.
"We really need more housing. If you're really worried about spending money to buy a house or if the economy is starting to go down, you don't make that investment, the home building drops off and the business end drops off,” McDonald told CTV News.
For Rogers, as he’s looking forward to 2023. He expects the hot market to cool down as interest rates continue to climb.
“The reality is the used home market will come down," Rogers concluded.
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
2 charged after police find 'concerning and diverse' explosives at Manitoba home
Winnipeg police say they have arrested two people in their 20s after a large amount of explosives were found in a home outside of Winnipeg, Man.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Spain abolishes national bullfighting award in cultural shift
Spain scrapped an annual bullfighting award on Friday, prompting a rebuke from conservatives over a backlash against a centuries-old tradition they see as an art form but which has run into growing concern for animal welfare.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.