Summerland is experiencing a slowdown in the value of building permits issued by the municipality.
Since the beginning of this year, Summerland has issued 220 building permits, with a total construction value of $46,904,000.
The number of building permits is the highest in the past five years, and the value is higher than any year except 2021. Between January and November 2021, 196 building permits were issued, with a total construction value of $58,236,000.
In November of 2022, a total of 18 permits, with a total construction value of $822,000. In the same month in 2021, 23 permits, with a value of $4,467,000 had been issued.
Looking back further to November 2019, 13 building permits were issued with a value of $10,310,000. The average over the past five years is $4.7 million in construction value for building permits issued in November.
However, Brad Dollevoet, director of development services for Summerland, said the number and value of building permits do not tell the complete story.
“Despite the low construction value, the number of building permits received as compared to previous years and now the annual total number of permits processed is the highest it’s been since 1994,” he said in a report to council.
He said inquiries are still high and applications may be brought forward in the coming months.
“The slowdown in applications may be the result of rising interest rates and an economic slowdown in the real estate sector.”
Dollevoet said the municipality still has a vacancy for a full-time planner in the development services department.
To report a typo, email: