Your Weekly Construction Briefing
The Comox Valley to Campbell River building permit total values for the first quarter of 2023 have decreased by 49% compared to the first quarter in 2022. This decrease is primarily due to a $36M permit issued in 2021 for a care home project in Comox. Without that permit, the decrease is 29%, and driven by a 33% decrease in total residential permit values.
Single family permit values are 50% lower than the same quarter in 2023 and multi family values are 34% lower. Renovation values are up 40% with the number of permits up 20%.
When evaluating how the decline in residential permit values has affected the number of residential units, there is a substantial decrease from the last few years, but only a 10% decrease from 2019. The first quarter in 2023 issued permits for 199 units, 245 units in quarter 1 for 2022, 296 for 2021, 222 in 2020, and 219 in 2019.
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