April 10, 2014 - 10:08 AM
KAMLOOPS - March was a strong month for housing in Kamloops with 24 single family dwelling building permits issued, triple the number issued in 2013.
In total 72 residential units were approved in March, more than triple the number in 2013, bringing the year over year total for the first three months of 2014 to 85 compared to 61 in 2013.
In the first quarter of 2013 there was a total of 17 single family building permits, bringing the total regular residential permits issued to 32. While the number of single family permits issued this year are double over the same time period last year, secondary suite permit numbers are down significantly.
With only one secondary suite permit issued, compared to eight last year, the total number of regular permits sits only seven higher than last year.
An apartment complex permit approved in March also puts the multi-family sites well above last year for both the month and the year to date. A total of 43 units were approved on the permit, the only permit issued so far this year for an apartment, putting the first quarter well above the seven units issued last year.
Residential permit values are also up significantly, even though the total permit numbers are down when additions and alterations are included. This year nearly $20 million in residential permits have been issued, up more than $6 million over the same time period in 2013. The difference can be attributed to the apartment complex approved in March, which is valued at $7 million.
Commercial permit values are actually down more than $8 million, even though the number of permits issued vary by only one, year over year. That difference comes solely from institutional permits, most of which can be attributed to the NorKam Secondary addition.
By the end of 2013 building permit values were down from the projected target of $160 million by almost $11 million, and down from 2012 figures by just over $53 million.
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News from © InfoTel News Ltd, 2014