Vernon off to strong start in new developments

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That project, as well as 13 other multi-family, 22 single family homes and four single family dwellings with added suites, made up the approved residential projects in the first quarter. Together they amount to 159 new residential units and the report stated it’s expected most of them, excluding those in the large multi-family projects, will be completed and occupied within six to 14 months.

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Speaking with Vernon Matters following the meeting, Mayor Victor Cumming stated Vernon had a strong start to the year, unlike what much of Canada was expected to see in the first quarter, but noted it was driven mainly by that one big project.

“When you get a large one like that, it comes in as a lumpy thing and sort of distorts often what happens in one quarter,” Cumming said, adding the figures do not indicate a trend for what’s to come but did still mark a strong start to the year.

Cumming also noted the first quarter was heavy in multi-family developments, “which is a gap that Vernon is missing.” However, he did note there remains a gap in the much needed affordable housing units, pointing to how most of the new units under construction, including those in the Predator Ridge project, will be higher-end and expensive.

The first quarter also saw permits issued for 15 commercial buildings, as well as one institutional and one industrial building. No timelines for those projects were provided.

The majority of the projects were located within the City Core, South East Hill and Middleton Mountain neighbourhoods, though details on the specific projects in the areas were not provided.

The map of all the approved and permitted developments in the first quarter of 2023 (graphic courtesy of the City of Vernon)

The report also found the average fair market sales price for residential properties was $735,748 in the first quarter. That figure represents a six per cent increase to the average price recorded over the last three months of 2022.

The report excluded tourism information, which had previously been included in the quarterly updates. Instead, those details will be provided on an annual basis, or by request from city council.

The quarterly report was received for information at the regular meeting Monday, May 8.