Housing demand has decreased in the Vancouver Island Real Estate Board (VIREB) area, which ranges from Duncan to Port Hardy, in the first half of 2018. Despite lower sales to date, lack of inventory continues to tilt the market in favour of sellers and move prices up.
According to the Canadian Federation of Independent Business (CFIB), the unemployment rate in BC is the lowest in Canada, with the construction industry dealing with one of highest vacancy rates. The 5.8 per cent unemployment rate from February ties for the lowest nationwide rate seen in Canada since 1976, a sign that the country’s economy has been firing on all cylinders.
CFIB also reported that businesses experiencing labour shortages plan to raise employee pay by 2.8 per cent, versus 2.3 per cent for businesses not seeing labour shortages.
On May 17, 1993, Building Links, the North Island’s Construction newsletter, published their first issue. Since that time, they have published a newsletter 50 times a year for 25 years reporting on new construction, tenders, building permits and industry news in the areas of Comox, Courtenay, the Comox Valley, Campbell River, Powell River and the North Island.
On May 16, 2018, Building Links published their 1,250th newsletter, publishing consecutively weekly issues for 25 years.
Building Links has compiled the construction statistics for the first quarter of 2018 for the Comox Valley and Campbell River communities. Compared to 2017 we reported an increase of 28 per cent in overall construction values in the areas of Courtenay, Comox, the Comox Valley Regional District, Cumberland and Campbell River. This amount was slightly higher than the 25 per cent increase reported comparing the first quarter of 2016 to 2017.
Total construction values for the first quarter of 2018 total $59.6 million compared to $46.4 million in 2017. There has been a slight decline in the construction of single family dwellings, and an increase in the construction of multi family residential housing including duplexes, triplexes, fourplexes and secondary dwellings.
The Comox Valley Regional District reported the highest increase (41 per cent) increase in single family construction when comparing 2017 to 2018, while the growth in other municipalities was primarily due to an in- crease in the construction of multi-family residential units.
Growth in Cumberland registered a 114 per cent increase during the first quarter of 2018, mostly due to multi-family residential housing construction. It is the same story in Campbell River as their construction statistics showed 41 per cent increase primarily due to an increase in permits for multi-residential housing.
The number of permits for single family homes are down slightly across all areas with the Comox Valley Regional District being the only community show- ing an increase when comparing 2018 to 2017. Moving forward for 2018 we expect to see a continued increase in the construction of secondary suites, carriage homes and secondary dwellings. We also expect to see an increase in the new construction of multi-residential housing for sale and new builds for rental housing and a decrease in the construction of single family homes for 2018.
Three Comox Valley projects received Awards of Excellence at the Vancouver Island Real Estate Board Commercial Business Awards on April 19.
Riverwalk Centre of Courtenay was a co-winner in the Mixed Use category. Highstreet Ventures Inc. is the developer and Traine Construction Ltd. is the builder.
The first building permits have now been issued for Parkside Lifestyle Townhomes in Courtenay. Construction has now begun on the first five of these three bedroom, 2.5 bathroom townhomes in this desirable Vancouver Island community.
All of the 15 units in Phase 1 and Phase 2 have been pre-sold. A show suite will be built in Phase 1, which will remain open for the duration of the construction project. The registration process and disclosure statements for an additional 18 homes in Phases 3 and 4 are expected to be underway soon. Prices are expected to be announced on Phases 3 and 4 within the next few months.
Nicon Developments Ltd. – an award winning builder of new homes on Vancouver Island – has designed this development to be built to the high standard of Built Green Silver Certification.
Now is the time to make your inquiries on Phases 3 and 4.
For more information, contact Art Meyers or Michael Emerson at Royal LePage Comox Valley at 250.334.3124 or contact Art Meyers on his mobile at: 250.207.1879
(Note this is not an offering for sale).