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
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
More than half the Canadians once detained in Syrian camps for suspected ISIS family members have returned home
A total of 29 Canadians have been freed from detention camps in northeast Syria and brought back to Canada since human rights advocates began lobbying for their release years ago.
Rare severe solar storm Friday could bring spectacular aurora light show across Canada
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Canada abstains from Palestinian UN membership vote but supports two-state solution
Canada was one of 25 countries that abstained from a United Nations vote on Palestinian membership that passed with overwhelming support on Friday.
Amish youth experience a rite of passage called Rumspringa. It’s not what you might think
The idea of “Rumspringa” has a specific spot in the American imagination. A rite of passage for young people in some Amish communities, Rumspringa is seen by most outsiders as a wild time away from strict Amish rules, when teenagers can experiment with the modern vices of the world.
Djokovic needs medical attention after getting knocked on the head by a water bottle at Italian Open
Novak Djokovic needed medical attention after apparently getting knocked on the head by a water bottle after a win at the Italian Open on Friday.