City of Cranbrook.

City of Cranbrook.

City building permit revenues drop, long-term trend continues to rise

The City of Cranbrook ended 2021 with approximately $60.8 million in construction values, posting a Q4 value of $10.4 million to close out the year.

While the final tally of $60.8 million falls shy of the 2020 record of $93 million, the city’s five year trajectory of building permit values continues to climb.

The sharp spike in 2020’s year’s construction values can be attributed to major residential projects such as the Broadstreet Properties development on Innes Ave, as well as student housing at the College of the Rockies campus, according to the city.

“Overall, the trend keeps moving upward which shows there is a continued interest in development and investment in Cranbrook,” said Mayor Lee Pratt. “As a Council, in partnership with administration, we have worked hard to set the table for growth and investment, and this confirms to me that what we’re doing is having a positive impact.”

Out of eight categories, residential grew the most in Q4 2021, at $9.89 million, as opposed to $6.97 million in Q4 2020.

In total, there were 270 building permits issued over 2021.

Of those permits, there were 83 Single Family Dwelling issued over 2021, which could include projects such as new builds of single-family homes, additions, decks, garages, mobile homes, and woodstove installations.

There are a number of queries for potential projects this year, according to staff.