A record $2.46B in building permits issued in 2007
Strong commercial growth and an increase in condo developments pushed Edmonton to a record year in 2007 and are combining to make the city a more lively and urban metropolis, says the mayor.
The city issued a record $2.46 billion worth of permits last year and, for the third year in a row, city permits crested the $2 billion mark.
Non-residential construction permits increased 27 per cent over 2006, the previous record year.
The number of permits for condo developments was up this year with 760 permits issued and the city saw a decline in permits for single-family dwellings.
"The cost of single family homes has gone up so much that people have needed to look at multi-family (housing)," said Edmonton Mayor Stephen Mandel.
Mandel says this switch creates more vibrancy in Edmonton.
"This city and the region are growing exponentially because this is a great place to invest and a great place to do business," said Mandel.
"I hope the strong growth will continue, but it would be nice to see it slow down a little bit for a year in order to catch our breath so we can get some of our city projects done in a more reasonably priced manner."
A total of 11,265 permits were issued last year, representing an increase in value of $156 million, or 6.8 per cent, over 2006, according to the city’s planning and development department.
One hundred eighteen permits were issued by the city for new rental apartments, a 49 per cent increase from 2006 and permits for row housing were up by 36 per cent.
The value of building permits across Canada also reached a record high in 2007 thanks to widespread gains in both residential and non-residential sectors, says Statistics Canada.
Toronto posted the largest dollar gain among major Canadian cities, followed by Calgary, Montreal, Vancouver and Edmonton.