Real estate activity has been busier than expected during the first three months of the year in Vernon.
A report that will be presented to city council at their regular meeting Monday states that “despite some macro-economic headwind concerns that emerged at the end of the third quarter and into the fourth quarter of 2022 regarding potential impacts on development and real estate activity, the first quarter of 2023 was much stronger than expected.”
Building permit volumes remained consistent with the first quarter of 2022.
Building permit values exceeded $80 million, nearly 40% of 2022 record-setting total annual value of $202 million.
This quarter’s record was driven by a significant $40 million multi-family project.
Also in the first quarter of the year, 159 residential units were approved for construction.
It’s expected most of these units, except for those as part of large multi-family projects, will likely be completed and occupied within the next six to 14 months.
Real estate sales volumes saw two consecutive months of growth following five months of sales volume declines and application and permit processing timelines are continuing to be typically completed within the expected timelines.
Permits indicate the majority of development activity is within the city core, South East Hill, and Middleton Mountain neighbourhoods.
