Multi-Family Residential Construction Booming on North-Central Vancouver Island

Posted on Jul 25, 2018

Compared to 2017, the 2018 second quarter construction values for the North-Central Vancouver Island communities of the Comox Valley and Campbell River have increased by 54% or $51 million. Construction of multi-family residential units and commercial builds have contributed to the majority of the increases.

Multi-family residential units, including duplexes and triplexes, surged ahead with 139 units for Courtenay (22 units last year second quarter), 109 units for Campbell River (49), and 23 units for Cumberland (the first multi-family builds since 2011).

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Home Sales Are Down, But Prices Are Up on Vancouver Island

Posted on Jul 13, 2018

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.

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Low Unemployment in Construction Sector in Vancouver Island Driving Wage Increases

Posted on Jun 29, 2018

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.

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1st Quarter Construction Numbers Reported by Building Links

Posted on May 23, 2018

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.

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Construction Numbers Continue to Climb in 1st Quarter of 2018

Posted on Apr 20, 2018

Building Links has compiled year-to-date building statistics for January 1 – March 31, 2018 and they are reporting an increase of 28% in overall construction values in the areas of the Comox Valley and Campbell River for 2018 compared to 2017.

Construction values in these areas for the first quarter of 2018 total $59,623,110 compared to $46,388,088for the same period 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 including duplexes, triplexes, four-plexes and secondary dwellings.

The Comox Valley Regional District (CVRD) reported the highest increase (41%) in single family construction when comparing 2017 to 2018. The growth in other municipalities surveyed was primarily due to an increase in the construction of multi-family residential units.

The overall construction value increase of 28% in 2018 was slightly higher than the 25% increase reported when comparing the first quarter of 2016 to 2017.

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Canadian Homes Sales Dropped in January

Posted on Feb 28, 2018

Statistics released February 15 by The Canadian Real Estate Association (CREA) show national home sales fell sharply in January 2018. Home sales via Canadian MLS® Systems dropped sharply in January after having climbed to the highest monthly level on record in December.

The Canadian Real Estate Association (CREA) has released sales statistics showing national home sales fell sharply in January 2018.

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