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
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.