Multi-family housing projects on a tear in Penticton
The City of Penticton has approved more multi-family housing units in the first half of 2021 than it did for any full year dating back to 2014.
The city is also on pace to break the record for the most housing built in the last decade and the highest construction value.
By the end of June, the city had approved 279 multi-family housing units. The best prior full year was in 2019 when 264 were approved, according to a quarterly economic update going to city council tomorrow, July 20.
In total, there have been 384 housing units approved this year. The best full year was 2018 with 491.
Overall construction in the city is valued at $122 million for the first half of the year. In 2020, just over $99 million was built.
The peak years for construction hit $197.8 million with 2017 edging out 2016 by about $7,000 as the top year.
The report indicates that “land economics” and historic rules are having an impact on the development of sites, noting smaller lots are not economically viable for development under the existing rules.
There’s a lot of interest in developing in the downtown area but there are challenges with things like land values, the water table and height restrictions.
There’s a growing number of businesses opening but they’re facing competition for workers, the report says.
There are 3,297 business licences in the city, up 122 from last year. Numbers have shown a steady growth from the 2,313 that operated in Penticton in 2014.
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