This year is likely a 鈥渨ait and see鈥� year for potential recording breaking building permit values in the city.
鈥淚f, late in the spring, the Bank of Canada begins to bring down interest rates I think we鈥檒l likely see a strong summer and fall,鈥� Ryan Smith, director of planning and development services, explained in a report to council on Monday (Jan. 6).
Smith added government government-supported projects, such as those identified through the Housing Accelerator Fund (HAF), will certainly be moving forward.
鈥淭hat鈥檚 really the only way we鈥檙e going to achieve meaningful affordability in any projects right now is with government intervention in rental or market housing projects.鈥�
He said residents can expect to see many more small-scale, multi-unit residential developments in the 麻豆精选 housing market in 2024, as mandated by the province.
Smith said 3,934 residential housing units were permitted in 2023.
鈥淲hich is a huge number. There is going to be a large chunk, even though they鈥檝e got a building permit, that do not move into construction for various reasons.鈥�
However, he added that even if half of those units move forward they are within the needed number identified under the city鈥檚 Housing Needs Assessment, which is between 1,800 and 2,600 units a year.
Also worth noting Smith said, was that 434 single-family home applications were submitted which included 330 with secondary suites for the rental market.
He pointed out that not all building permits move into construction.
鈥淟abour supply, materials, interest rates all of these things are making construction difficult construction right now specifically in the housing market.鈥�
麻豆精选 saw a record year for building permits in 2023 with a value of $1.75 billion.
READ MORE: $1.75 billion: 2023 a record year for 麻豆精选 building permits
READ MORE: Lack of public hearing frustrates 麻豆精选 councillors
