Construction values continue to soar in Cranbrook as the city is on track to beat historic records with a number of projects underway in various sectors.
The 2019 Q3 value is pegged at $19.7 million, with a year to date total of just over $37 nillion. In comparison, the 2018 Q3 value was $6.9 million, while year to date at this time last year, was $36.3 million.
“I was under the feeling that 2018 would be an outlier that would not likely be achieved this soon, but I can say, with delight, that we are on track, at this point, to exceed 2018’s permit values,” said Ron Fraser, the Acting Chief Administration Officer.
Breaking down some of the numbers, there have been 62 total permits issue, while Q3 saw 11 new stand-alone single family dwelling starts, bumping up the year to date total to 31, as opposed to 22 this time last year.
Additionally, there are other multi-family projects underway such as the Kootenay Street Village project from Golden Life Management, the Legacy Lookout project at Wildstone Golf Course, and the Aqanttanam Housing Society up near Slaterville. In total, there will be 86 new suites available, 63 of which will be rental units, said Fraser.
Fraser also teased that some major applications are still under review for Q4 this year.
Digging into some of the specific Q3 sectors, there is a $6 million residential value representing 34 permits, while $7.4 million is noted for multi-family residential. Also, there is a $2.6 million commercial value representing 12 permits and $3.2 million industrial value representing four permits.
“I say everytime I get these reports, it’s great news,” said Mayor Lee Pratt. “It’s a very strong endorsement and reflection of positive feelings that the people of hte City of Cranbrook are having right now. Just the number of outside developers that we’re getting inquiries from and a couple of really good-looking projects that are most likely going to go ahead next year, I think we’re going to have great numbers again next year.
“I’m really happy with these numbers and I think it’s sending a really strong message to people about what’s going on in Cranborok.”