Booming residential construction values put Nanaimo on pace for record year: City

By NanaimoNewsNOW Staff
August 16, 2018 - 5:17pm

Homes are flying up around Nanaimo, like in this new subdivision called Marjorie Way off Jingle Pot Rd.Ian Holmes/NanaimoNewsNOW

NANAIMO — The construction industry remains red hot in Nanaimo, according to a report from the City.

City staff recently presented a report breaking down community development data for the first six-months of 2018.

The report found the value of residential construction was booming at nearly double the 10-year average. Through the first half of 2018, residential construction permits accounted for $104 million in value, well above the 10-year average of $66 million.

Dale Lindsay, the City's director of community development, said Nanaimo is on pace for a fifth straight year of total construction values over $200 million and is likely to hit a new record high.

"All projections at this point are we will be north of that $200 million mark by the end of the year," he said.

Two-hundred new lots were created so far in 2018 contained in 17 new subdivisions, according to the report. Construction created 511 new residential units of all types over the first half of 2018, while 157 new single-family dwellings were spread out all over the city.

Lindsay noted 57 per cent of new single-family homes added a legal suite, above the 10-year average of 52 per cent.

The report also highlighted a number of "notable" projects currently in various forms of approval.

They included a 48-unit rental apartment on Pryde Ave., 90-units of condos on Barsby St., 98 mixed-use units on Metral Dr. and the downtown hotel behind the conference centre.

Commercial projects noted included a new Triple O's drive-thru restaurant at Country Club Centre and La-Z-Boy store on Uplands Dr.

Also on Monday night, Council approved two readings of a rezoning application to allow for a 24-storey high rise on Chapel St. The application will now move forward to a public hearing.

Councillors spoke positively about the numbers, although coun. Jerry Hong questioned why the City was missing many of its processing time targets for permits.

"In (a developer's) world this is a long, long time to wait. If they're ready to go and we don't want to lose the money in our community, what can we do to make this process go faster?," Hong said.

Lindsay explained the City was dealing with high volumes of applications coupled with "significant staffing vacancies they're desperately trying to fill."

You can view the City's entire report here.

 

[email protected]

On Twitter: @NanaimoNewsNOW

Direct Nanaimo to Toronto flights expected next summer despite late season cancellations