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
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
Maple Leafs eliminated from NHL playoffs with Game 7 OT loss to Bruins
Sheldon Keefe told his players hockey history would remember them one way or another.
Amid climate change warnings, Canadians lukewarm on electric vehicles
Amid scientists' warnings that nations need to transition away from fossil fuels to limit climate change, Canadians are still lukewarm on electric vehicles, according to a study conducted by Nanos Research for CTV News.
What a judge's gag order on Trump means in his hush money case
A gag order bars Trump from commenting publicly on witnesses, jurors and some others connected to the matter. The New York judge already has found that Trump, the presumptive Republican nominee for president, repeatedly violated the order, fined him US$9,000 and warning that jail could follow if he doesn't comply.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Pro-Palestinian protesters at USC comply with school order to leave their encampment
Protesters left a pro-Palestinian encampment at the University of Southern California early Sunday after they were surrounded by police and told they could face arrest if they didn’t go.
Israel says Hamas attacks a crossing point into Gaza, wounding 10 Israelis and forcing its closure
Hamas militants on Sunday attacked Israel's main crossing point for delivering humanitarian aid into the Gaza Strip, reportedly wounding several Israelis and prompting Israel to close the terminal.
Trudeau 'absolutely' best person to lead the Liberals in next election: LeBlanc says
Cabinet minister Dominic LeBlanc insists he's not planning a leadership campaign to head the Liberal party, should current leader and Prime Minister Justin Trudeau resign, seemingly quashing rumours he's planning to make a move for his boss' job.
Bombarded with spam texts? Stats show the problem is getting worse in Canada
In particular, messages that involve phishing — an attack where a scammer tries to trick the recipient into clicking a malicious link, downloading malware or sharing sensitive information — are on the rise.