A lot has been happening in the city lately, especially when it comes to construction.
According to B.C. statistics, we are the fast growing city in B.C. over 5,000 people, with more than 19,000 people, up from 17,000 in just two years.
We were able to handle this growth, thanks to our professional staff and the forward-thinking planning that happened during our last official community plan process.
In 2018, we saw over $66.8 million in building permits, our biggest year ever, slightly higher than 2017 (third - 65M) and 2007 (second - 66.4M). During a three-year span from 2016-18, 392 single-family dwellings were constructed totalling close to $40 million of the annual permits. Many remember similar events in 2004-2007.
Salmon Arm is not unique; this building boom has been felt across the province with many communities experiencing record years. After the economic crash a decade ago, new housing starts were well below the average of 80/year for many years, creating a deficit in supply. The market changed in 2015, demand has soared ever since and the market is playing catch up.
What often occurs after a residential growth spurt is that new commercial buildings follow and housing starts normalize. We’ll be able to see if this is the case in the coming years, but what is more important is that we start planning for the future housing needs.
Read more: Salmon Arm sees growth in housing construction
Read more: Column: Construction building the Shuswap’s economy
Read more: Young professionals leaving Vancouver over high cost of housing
While our next review of the official community plan is a few years away, there are things that we can do in the short term to incentivize the types of building that we want to see. Perhaps tax incentives for high density housing or creative zoning like Kelowna has recently introduced with its RU-7 zone will get us the types of housing that we will need. Big Ideas will help this Small City grow.
@SalmonArm
newsroom@saobserver.net
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