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Vernon, British Columbia, had a banner year for building permits in 2021.

The city issued permits worth $ 173 million last year, more than any previous year.

This broke the city’s old record of $ 169 million set in 2008.

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The record year is good news for City Hall. The city expects construction to add hundreds of housing units and boost other sectors of the local economy.

“$ 173 million of direct impact results in secondary and tertiary spending and benefits all members of our community,” said John Perrott, director of economic development and tourism for the city.

“Many companies have told us how positive their outlook is for 2022.”

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The development also comes as the city experiences a housing shortage.

Vernon real estate agent John Deak said any new construction is helpful because local housing supply doesn’t keep up with demand.

“We’re in a housing crisis here: the amount of demand that exists for the lack of inventory that we have. We’re down, I believe, over 40% from our inventory levels from last year, and last year we were complaining that we had nothing to sell, ”Deak said.

Despite the lack of housing supply, the real estate agent said he continues to see a lot of people interested in moving to the Okanagan.

“We definitely need more doors of all types: from a condominium to an upscale home on a golf course. We need more of absolutely everything, even commercial properties. Commercial properties are being ripped off, ”Deak said.

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Perrott said more housing projects are in the works.

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“I would say to those looking for multi-family homes or a greater variety of prices, just be patient. [We’ve had] lots of conversations with various developers looking at multi-family and infill type projects, so we’re going to see a lot more activity pick up in 2022, ”Perrott said.

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Benchmark Home Price Reaches $ 1 Million in Central Okanagan

Benchmark Home Price Reaches $ 1 Million in Central Okanagan

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