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Record number of building permits in city this year

The year’s highest-valued building permit to-date is the student housing project by Faction Projects, which is under construction at 1404 Patricia Boulevard. City of Prince George photo

Less than a year after Prince George set records for both the number and total value of building permits in one year, all new heights have been reached. The total value of building permits issued in Prince George through the end of October, 2019 reached an all-time high of $193.76 Million, surpassing the previous high mark of $186.38 Million set in 2018 – a four percent increase with two months of the year remaining to be tallied. The total value includes $184.41 Million of private sector investment, which is about 95 percent of the entire building permit values to date this year, and nearly equals all of last year’s then record-breaking building permit values.

In total, the number of building permits issued rose from 515 in 2018 to a record-setting 541 so far in 2019. Also of note, the number of new multi-family permits nearly doubled from 33 in 2018 to 56 in 2019.

“Historically, the value of building permits is an important measure of economic progress,” said Mayor Lyn Hall, in a news release. “A high number of permits is an indicator of increased construction activity and related employment, as well as other direct and indirect economic benefits. Council is very pleased to see the extremely high number of private sector investments and that the economic growth Prince George has made in the previous few years is continuing on its upward trend. We are very happy to see that investors, businesses, and developers are recognizing the outstanding potential of our city.”

The latest building permit numbers can be viewed on the agenda of the Monday, November 18 meeting of Prince George City Council.

Of the top 10-valued permits for the year, nine are for privately funded projects:

  1. Student housing development at 1404 Patricia Blvd – Faction Projects inc – $13, 000,000
  2. Fire hall at 2012 Massey Drive – City of Prince George – $11,840,399
  3. Hotel by Horizon North at 585 Dominion Street – Mundi SDR Development Inc. – $11,344,000
  4. Apartment building at 6611 Southridge Avenue – Bic Hayer Rental Properties – $11,000,000
  5. Apartment building at 4278 22nd Avenue – Hayer Construction Firm – $10,000,000
  6. Renovation at Pine Centre Mall at 3111 Massey Drive – Prince George Investment Inc. – $9,000,000
  7. Apartment building at 1087 6th Avenue – A & T Project Developments Inc. – $6,765,850
  8. Water treatment plant at 1337 PG Pulpmill Road – Canfor Pulp Inc. – $5,517,000
  9. Hotel at 2005 Highway 97 South – HOCO Properties Inc. – $5,123,000
  10. Apartment building at 3450 15th Avenue –  Fortwood Homes Ltd. – $5, 000,000

“Prince George is a great community and a wonderful place both to start a family and to retire,” said local developer Robin Hayer, President of Hayer Construction Firm, which is currently building a multi-family apartment complex at 4278 22nd Avenue. “Investing in Prince George provides excellent value, particularly as the Vancouver housing market pushes people further and further into the Fraser Valley. Prince George is becoming more and more attractive both for home buyers and investors.”

Earlier this year, a study published by the Conference Board of Canada forecasted that the city’s economy would continue its trend of growth over the next few years, while a recent City of Prince George study projected continued economic growth. Visit the City website for further information about these studies.

This week, Western Investor Magazine placed Prince George at number two on its list of the top western cities to invest in.

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