Building permit values are continuing a rapid increase in the District of Lake Country.
In 2016, permit values—the total estimated value of construction in the community—reached a record of more than $90 million compared to 2003 when permits were just over $10 million.
“A lot of it comes from Lake Country’s position in the valley,” said Lake Country’s community development manager Jamie McEwan. “We’re located right between Kelowna and Vernon, two really desirable communities. We’re gaining recognition as people move to the Interior,” he added, saying there has been increased attraction to real estate in the area from residents of Alberta and the Lower Mainland, but a majority of people purchasing homes are from the Interior.
The building permit prices are based on the estimated cost of construction. With commercial development tending to be more expensive than residential, a recent increase in commercial buildings being constructed has also increased the cost of building permit values.
In Lake Country, the main increase in permits can be seen with commercial permits, from two in 2015 to eight in 2016. Single-family dwellings have increased from 113 to 148 permits during the same time and secondary-suite permits are also up, from 30 to 50.
“Lake Country’s development has been primarily residential and in single-family residential,” said McEwan. “There has also been an uptake in strata and in townhomes.”
Over past two years, the increase in commercial development is partly due to the development of Main Street as the commercial core, said McEwan. Population increases also cause retailers to move to the area, he said.
According to Stats Canada, between 2006 and 2011 Lake Country grew by approximately 22 per cent while between 2011 and 2016 the district grew by approximately 10 per cent which makes Lake Country one of the fastest growing communities in the province.
“We’re seeing a lot of home-grown Lake Country businesses transitioning into commercial development as it grows,” said McEwan.
Lake Country’s busiest construction year in 20 years was in 2016, said director of community services, Mark Koch.