2023 Building Permit Statistics – Comox Valley and Campbell River in Around Town
Compared to 2022, total building permit values in 2023 increased by 17% per cent from $334 to $391 million, while the number of permits issued decreased by 5 per cent from 852 in 2022 to 803 in 2023.
The decline in the number of permits continues for single family (detached and suites) with 484 units in 2021, 341 in 2022, and 274 in 2023. Commercial permits (new and renovations) increased by 25% and residential renovations remained constant with a 1% increase from 2022.
When comparing detached single-family (SF) construction in 2023 and 2023, verses the previous years (2017 to 2021), 2023 had a total of 177 SF permits, 2022 had 236, and the previous 5-year annual average was 365 units. Secondary suites and secondary detached dwellings are down slightly from 105 to 97 units, with 100 units annually as a 5-year annual average.
As for multi-family (buildings with 5+ units), permits issued in 2023 account for over 653 units, compared to 192 in 2022, and 599 in 2021. Since 2017, over 3600 multi family units have been built within the Comox Valley and Campbell River.
The decline in construction for single family and duplex to fourplexes is not a surprise given the interest rate and increases in the market over the last few years. The buying frenzy is over and several projects with approved development permits have been listed for sale with reduced asking prices.
The trends the last two years suggest a further reduction in detached residential homes in 2024 and 2025, and we’re not likely to see construction for single family in the 300 to 400 numbers again for several years.
While the main multi-family developers continue construction on their current projects, new starts for apartment building are also expected to be lower in 2024 than 2023. However, there are several multi family projects still moving forward, with an estimated 3000 units over the next 10 years.
For commercial construction, the 25% increase for 2023 is primarily due to government funded Daycares and Courtenay’s North Island College Student Housing project. At this time, the largest commercial project under consideration is the Commercial phase of Jubilee Heights in Campbell River. Based on the current commercial applications, values are expected to decrease slightly over the next 4 years.
The 2023 Year End Building Permit Statistics in this week’s issue. Subscribe now to build your business through the next recession!
