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
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
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.
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.
BREAKING London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Auston Matthews skates ahead of Game 7, status unclear with season on the line
Auston Matthews was back on the ice with his teammates Saturday.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
Snakes almost on a plane: U.S. TSA discovers a bag with small snakes in passenger's pants
According to an X post by the Transportation Security Administration, officers at the Miami International Airport found the small bag of snakes hidden in a passenger's trousers on April 26 at a checkpoint.